It’s been more than a year since Congress passed, and President Trump signed, the Tax Cuts and Jobs Act of 2017. In the time since, Trump met with North Korean leader Kim Jong-un, the US imposed $34 billion in tariffs on Chinese goods, the Democrats retook the House of Representatives, the equity markets had their worst week since the 2008 Global Financial Crisis, France won the World Cup, Saudi Arabia allowed women to drive, and Prince Harry married Meghan Markle.
All of which is to say that you could be forgiven if a tax law from 2017 hasn’t exactly been at top of your mind. However, here’s the thing: Even though the bill became law in December 2017, most of its provisions didn’t apply to the 2017 tax year. Which means the 2018 tax year—the very taxes we’ll all be filing come April—will be the first time we’ll have to truly grapple with the new law. What might it mean for investors? And what’s the outlook for investment taxes in 2019?