Signed into law December 22, 2017, the "Tax Cuts and Jobs Act" represents the most comprehensive reform to the U.S. federal tax code in a generation. The Act's most notable provisions include significant reductions in both corporate and individual tax rates, the immediate expensing of 100 percent of the cost of certain business assets, a deduction for certain categories of pass-through income, and the creation of a partially territorial system that no longer taxes U.S. corporations on all of their worldwide income. Other changes involve limits on state and local tax deductibility, curbs on mortgage interest deductions, an increase in the estate tax exemption, and the effective repeal of the Affordable Care Act's individual health insurance mandate.

This Jones Day White Paper explains, in general terms, the principal business, international, and individual tax reforms contained in the Act.