Seven tax brackets allowing more income in lower brackets.
Nearly doubles the standard deduction.
Eliminates personal exemptions.
Expands the child tax credit.
Kills state and local income tax deduction, limits property tax break.
Keeps mortgage interest deduction as is.
Repeals the individual mandate to buy health insurance.
Preserves the estate tax, but exempts almost everybody.
Overall there is a simplification for many taxpayers that probably will reduce taxes as several components seem to balance each other out.
Itemizers may pay more than those using the standard deduction.
For me, it’s not a cut.
Don’t want to give CNN-Money the click revenue....what about the medical expense deduction? My middle-class parents have huge skilled nursing expenses right now (Dad in a nursing home)....2017 will be the 1st tax year they will be able to use the medical expense deduction, and then not in 2018?!?
Read that certain private school tuition is deductible.
I hear a lot of people saying this will penalize people with large families. I'm concerned about this.