The 2017 Tax Cuts and Jobs Act has some pretty nifty stuff burried deep in its bowels. Here are our 10 fun facts from the 2017 Tax Cuts and Jobs Act:
- Wine is mentioned exactly twice as often as beer. Wine has 44 mentions to beer's 22 (hic!).
- The individual mandate for health insurance wasn't repealed, they just dropped the fine to $0 or 0% of income, whichever is higher (starting in 2019). Seriously.
- The law is full of four letter words, the most common was "year" which appeared 868 times.
- Alaska is the only state mentioned by name. It is in there a lot.
- If you ride a bike to work, you are out of luck - it's no longer a non-taxable fringe benefit for you or your employer. Might want to think about a car like everyone else.
- Inflation is now measured with C-CPI-U instead of CPI-U which replaced CPI which replaced man my cable bill is expensive.
- There is a rule for plants bearing fruits and nuts.
- None of George Carlin’s bad words are in the law - we checked and it's clean. Except for the thing about the nuts.
- Software development is now a research or experimental expenditure. At least it's not a rehabilitation expenditure, that is for historic buildings with rats - or able to house rats. Not 100% sure on this, but they talk specifically about a ratable share of a qualified rehabilitated building.
- The law is full of gross things - Gross income, gross premiums, gross receipts, gross amount. To be perfectly clear, the law does not make any mention of gross nuts (or dingleberries).
And that is exactly what is in the 2017 Tax Cuts and Jobs Act.