For businesses lower tax rates have been charged. Corporate Tax Rate has been fixed at 21% irrespective of taxable returns. Now there is scope of improvements in the commercial real estate and business entertainment expenses won’t be deductible.

For the earning individuals, the income tax range has altered. Home Equity Line of Credit interest won’t be subtracted. Mortgage interest deduction that previously stood at US$1,000,000 has been reduced to US$750,000. State Income Tax and Local Property tax deduction have been restricted to $10,000.

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