The Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) effected a number of tax changes that benefitted high-net-worth individuals and businesses.
The changes that benefitted high net worth individuals include:
- lowering the income tax rates
- increasing the standard deduction
- reducing the alternative minimum tax
- allowing capital gains to be rolled over into qualified opportunity zone funds; and
- nearly doubling the estate and gift tax exemption.
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