OFFICIALLY CALLED THE TAX CUTS AND JOBS ACT, HERE’S A FEW HIGHLIGHTS:
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Lower Individual tax rates of 0%, 10%, 12%, 22%, 24%, 32%, 35% and 37%.
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Doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers.
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Exemptions eliminated.
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Doubles the child tax credit (CTC) from $1,000 to $2,000; refundable portion to $1,400.
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Mortgage deduction limited to interest paid on the first $750,000 of new acquisition debt.
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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.
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Deduction for the sum of state and local taxes plus sales and property taxes is limited to $10,000 a year.
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Repealed deductions for miscellaneous expenses subject to 2% of adjusted gross income.
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Reduced corporation tax rate to flat 21%.
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New Qualified Business Income Deduction.
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And much more.