Advertiser Disclosure - Credit Card: The credit card offers that appear on this site are from credit card companies from which dealsea.com receives compensation. This compensation may impact how and where products appear on this site. Dealsea.com does not include all available credit card offers.
Individual tax cuts: 7-rate structure, the same as exists now, with lower rates and revised bracket amounts. Top rate is 37%
Standard deduction and personal exemptions: Along with the individual rate cuts, the standard deduction is effectively doubled to $12,000 for single filers and $24,000 for joint filers. Personal exemptions are completely eliminated.
Child tax credit: Currently, the child tax credit is only $1,000 per qualified child, but the new law increases it to $2,000, with $1,400 being refundable.
Corporations tax from 35% to 21%
State and local taxes: You can deduct $10,000 in state and local property taxes or state and local income taxes or sales taxes or a combination
Inherit up to $22 million tax-free
"Pass through" companies get a 20% reduction (up to $315,000)
Mortgage interest deduction gets smaller to $750k cap
Individual AMT: The individual alternative minimum tax (AMT) remains, but the threshold would be tweaked to exclude any taxpayer with income under $500,000 or family below $1 million.
Corporate AMT: The corporate AMT, which was preserved by the Senate bill, is repealed. This was a critical concession to businesses eligible for the research credit.
Estate tax exemption: For 2018, the estate tax exemption can shelter up to $5.6 million of assets from estate tax. This generous exclusion is effectively doubled to $11 million.
Not changing: student loan deduction, medical expense deduction, graduate student tuition waivers, Retirement accounts
Discover Card Bonus Category for Q4 2017: 5% bonus for Shopping at Amazon.com & Target. From 10/1/17 (or the date on which you activate 5%, whichever is later) through 12/31/17, on up to $1,500 in purchases.