Does the new tax law short-change empty-nesters?

President Donald Trump has touted the new tax law, which took effect on January 1, 2018, as the “biggest tax cut in the history of our country.” Like many of Trump’s hyperbolic claims, this one is false—both Presidents Barak Obama and Ronald Reagan presided over tax cuts that exceeded those in the GOP’s Tax Cut and Jobs Act. And, as many critics have pointed out, the cuts in personal income rates are only temporary – they expire at the end of 2025 – while the new law’s reduction of the corporate tax rate is permanent.