Tax Reform

Almost 500 pages long

Keeps seven brackets like there are now, but changes the rates (10%, 12%, 22%, 24%, 32%, 35%, 38.5%)… and the lower rates will expire after a decade

Standard deduction nearly gets doubled to $12,400 for individuals and $24,800 for married couples filing jointly

Eliminates personal exemptions, but the child tax credit is increased

Property tax deduction up to $10,000 (but state and local eliminated)

Keeps mortgage interest deduction as-is

Would be able to use $10,000 a year from a 529 plan to use for tuition at private and religious K-12 schools or certain educational expenses for home-schooled students.

Permanently cuts corporate tax down to 20% starting in 2019

Now House and Senate must “reconcile” each of their bills