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34 things you need to know about the incoming tax law

It’s official. Congress has ushered through the first major tax overhaul since Ronald Reagan was president.

The measure, which now awaits President Trump’s signature, is about to shake up life for millions of Americans. It will redistribute the country’s wealth. It could sway decisions about whether to buy a home, or where to send kids to school. It could even affect when unhappy couples decide to get a divorce.

As the bill becomes law, here are 34 things you need to know.

1. This is the first significant reform of the U.S. tax code since 1986.

Reagan signed major legislation for corporations and individuals in 1986. Since then, serious tax reform has eluded Republicans, though they repeatedly called for it as the tax code became longer and more arcane.

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