On November 2, 2017, House Republicans released their comprehensive tax reform plan, the Tax Cuts and Jobs Act. Then, on November 9, 2017, Senate Republicans released their own plan. The two plans have much in common, but also have significant differences. Some key provisions of these tax proposals are discussed below. Of course, provisions may change as the legislation winds its way through Congress. Most provisions, if enacted, would be effective for 2018. Comparisons below are generally for 2018.

On November 16, 2017, the House passed its version of the Tax Cuts and Jobs Act. On that same day, the Senate Finance Committee approved its version; it can now be considered by the full Senate. If the Senate approves its version, the House and Senate would then need to reconcile the two versions.

The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2018 is $5,500 (or 100% of your earned income, if less), unchanged from 2017. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2018, but your total contributions can't exceed these annual limits.

Beginning on November 1, 2017, individuals (including their families) may apply for new health insurance or switch to a different health-care plan through a Health Insurance Marketplace under the Affordable Care Act (ACA). The open enrollment period for 2018 health coverage ends on December 15, 2017.

If you don't apply for health insurance during the open enrollment period — and don't qualify for special enrollment (presuming you don't have access to employer-provided health insurance) — your options are generally limited to purchasing private, commercial insurance, short-term health insurance, Medicaid, or the Children's Health Insurance Program (CHIP).

Income tax basis can be important when deciding whether to make gifts now or transfer property at your death.

This discussion contains examples that include references to stock that has increased in value for purposes of explaining basis rules. It is important to understand that any shares of stock can lose some or all of their value over time.

The generation-skipping transfer (GST) tax is a separate tax that generally applies when you transfer property to a person two or more generations younger than you, such as a grandchild. In some circumstances, GST tax can affect basis.

Education and economic stability rated most important

The highest-ranked milestone of adulthood by Americans today is completing a formal education: More than 60% of Americans believe that doing so is extremely important. Ranked second is working full-time (52%), followed by the ability to support a family financially (50%).

More young adults today have achieved this educational milestone compared with their counterparts 40 years ago. For example, less than one-fourth of 25- to 34-year-olds had a college degree in 1975, compared with more than one-third in 2016.

Marriage and parenthood are delayed milestones

Over half of Americans believe that getting married and having children are not important to becoming an adult, but this does not mean they plan to forgo these milestones altogether. Instead, getting married and having children are occurring later in life.

Whereas eight in 10 young adults in the mid-1970s had married before age 30, this milestone isn't reached today by the same proportion of Americans until their early 40s. Similarly, more than two-thirds of women in the mid-1970s were mothers by the time they were ages 25 to 29, but today that proportion is not reached until ages 30 to 34.

Living independently is less important

Only about one-fourth of Americans rank moving out of a parent's home as an extremely important adult milestone. So it's not surprising that the number of young adults living independently has declined. In 1975, 26% of young adults (ages 18 to 34) were living in their parents' home, compared with 31% in 2016.

Also noteworthy is that in just a decade, living arrangements changed dramatically. In 2005, a majority of young adults lived independently in their own households (either alone, with a spouse, or with an unmarried partner) in 35 states. By 2015, though, only six states had a majority of young adults living independently.

Not completing a formal education and lack of a steady job are contributing factors to the decline in young adults living independently. Young people who still live with their parents today are far less likely than their peers to have a college degree or a full-time job. Of young adults (ages 25 to 34) today who are living independently, 41% have a bachelor's degree and 64% have a full-time job. Not surprisingly, young people living independently also tend to have higher incomes: More than half of older millennials living in their own households earn $30,000 or more in income, compared with only about one-third of their peers who live with roommates and one-fourth who live with their parents.

Of young adults (ages 25 to 34) living in their parents' home today, one in four are not attending school or working. Often they are older millennials who have only a high school education. This group typically faces challenges such as the loss or unavailability of a job, unaffordable housing rates, and child-rearing responsibilities.

The shifting paths of young adulthood

Over the last 40 years, the milestones of adulthood have remained largely the same, but the importance and timing of these milestones have changed. Young adults today are less focused on marriage and parenthood in their 20s and early 30s and are more concerned about establishing financial security by finishing school and gaining work experience. More of them have college degrees and full-time jobs than their counterparts did in 1975, but fewer own their own homes. As a result, young people today often delay establishing a household and settling down with a family until they are able to support themselves financially.

The term "qualified education expenses" is used frequently in education circles, but it can mean various things depending on the context. Below describes what the term means in specific situations. (Note: The term "post-secondary education" includes graduate school unless otherwise noted.)

The disconnect between national trends and local realities for so many Americans underscores the need for policymakers to grapple with the profound effect of place on an individual’s life outcomes and access to opportunity. Years into a steady economic expansion, it is all too easy to look at a low unemployment rate or record stock market gains and conclude that the tide is rising everywhere. As we will see, hidden beneath the national numbers is a deeply fragmented landscape of economic well-being—one in which far too many communities are being left behind. This report intends to bring renewed attention to those forgotten places and people.

According to the Social Security Trustees Report, during 2016, an estimated 171 million people paid payroll taxes on earnings covered by Social Security. At the end of 2016, approximately 61 million people were receiving some type of Social Security benefits.

According to the Medicare Trustees Report, in 2016, Medicare covered 56.8 million people: 47.8 million ages 65 and older and 9.0 million disabled.