Updated announcement as of December 20, 2017: Tax Cuts and Jobs Act ("The Act") – Individual

On December 20, the House approved H.R. 1, the "Tax Cuts and Jobs Act," the sweeping tax reform measure, by a vote of 224 to 201. The Senate had passed the measure, as revised to address some procedural complications, the night before, and the bill will soon make its way to President Trump for his expected signature. This article describes the Act’s changes that would affect individuals, including the new rates and brackets, the increased standard deduction and elimination of personal exemptions, and the repeal of the individual mandate under the Affordable Care Act.