OFFICIALLY CALLED THE TAX CUTS AND JOBS ACT, HERE’S A FEW HIGHLIGHTS:

• Lower Individual tax rates of 0%, 10%, 12%, 22%, 24%, 32%, 35% and 37%.

• Doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers.

• Exemptions eliminated.

• Doubles the child tax credit (CTC) from $1,000 to $2,000; refundable portion to $1,400.

• Mortgage deduction limited to interest paid on the first $750,000 of new acquisition debt.

• A deduction is still allowed for interest paid on home equity debt, but now the proceeds must be used to buy, build, or substantially improve your home.

• Deduction for the sum of state and local taxes plus sales and property taxes is limited to $10,000 a year.

• Repealed deductions for miscellaneous expenses subject to 2% of adjusted gross income.

• Reduced corporation tax rate to flat 21%.

• New Qualified Business Income Deduction.

• And much more.