Got it.
You benefit because you’re over $250k and the AMT is being abolished.
No - its the lowering of the actual rates.
In the first $90,000 of income, I'll now pay $10,800 in taxes. This compares to $13,850 under the current structure. On the rest of my income, I'll pay $41,000 vs $44,850. That's $6,900 lower than today before factoring in itemization and personal exemption (no child tax credits for me). On the flip side, I'll have lose about ~$5k from not itemizing + personal exemptions so the net effect is around $1,750