This a great breakdown of the tax bill, basically unless you have a huge mortgage, lots of kids or pay over 10k in state income taxes you are getting a sizeable tax cut:
– The standard deduction is doubled which should eliminate itemizing deductions for many making tax prep much simpler.
– The personal exemption is removed which is made up by the larger standard deduction unless you have more than three kids.
– $500 credit for dependents
– still can deduct mortgage interest on up $750,000 of the principal of the mortgage.
– Can still deduct State and Local taxes up $10,000
– Teachers can still deduct school supplies
– Also there is all the business tax changes that mainly will eliminate a lot of the accounting games that prevent the domestication of profits and also encourage more investment dollars towards the US (but I wouldn’t say by a transformative amount but certainly better than before)