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The Tax Cuts and Jobs Act (the Act) passed with lightning speed by Congress and was signed into law today by President Trump. It will have a significant impact on nearly all individuals and businesses, some starting even before the turn of the year. As we’ve reported previously, both the House and the Senate passed major tax bills with much in common. The imperative to pass a tax bill this year, without bipartisan support and using the “budget reconciliation” process in the Senate (budget reconciliation permitted passage in the Senate with just 51 votes), continues to be reflected in the predominance of Senate provisions remaining in the Act. But there are significant new provisions and changes wrought by the Conference Committee process, from political wrangling, from industry and other taxpayer reactions to the Senate and House bills and from continuing divides within the GOP.