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On Dec. 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses as well as individuals, and to stimulate the economy and create jobs. The tax cuts are estimated to be nearly $1.5 trillion. Initially, the package was aimed at simplification, but the changes enacted are anything but simple. The following is a roundup of the key provisions impacting businesses. Those impacting individuals were in a previous column. All of the following provisions apply starting in 2018 unless otherwise noted. Some are permanent; others are temporary.
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