The Final GOP Tax-Reform Bill

The Plan's breakdown:

• Individual income-tax rates have been cut significantly. The seven tax brackets remain, but the percentages have been dropped in almost every one. The new rates are 10%, 12%, 22%, 24%, 32%, 35% and 37% compared to today’s 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
• The corporate tax rate has been changed to 21% from the current 35%.  
• The $4,050 personal exemptions have been eliminated.
• The standard deduction has been doubled from $6,350 currently to $12,000 for single filers and from $12,700 to $24,000 for married couples.
• Child tax credit has been increased to $2,000, but $1,400 is refundable and starts phasing out at $400,000 in income for married couples and $200,000 for non-married households. Currently, it’s $1,000 and starts to phase out for married couples with an income of  $110,000.
• State and local taxes have been capped at $10,000, that can be deducted. Currently, these taxes are deductible with some limits.
• Mortgage-interest deduction limits have been increased from the current $750,000 to up to $1 million for both primary and second homes.
• The alternative minimum tax is preserved, but also makes it more narrow. This disallows high-earning households from filing personal exemptions and state deductions.
• There will no longer be a penalty for not having health insurance.
• Alimony payment agreements signed after 2018 will not be deductible.
• Estate taxes will be 40% on estates over $11.2 million per individual, versus the current $5.6 million. 
• Business owners with an income under $315,000 will get a 20% deduction for pass-through income, versus currently, where a business taxes are based on the individual's income tax rate.
• There have been no changes in regards to the student-loan interest, graduate student tuition waivers, and capital gains and dividends.

Most Americans will see tax breaks and the GOP compromised by including current deductions that weren't included in the previous versions. As President Trump points out, the huge ( pronounced "YUGE" ) drop in the corporate income tax in this plan will encourage businesses to incorporate and come to the U.S.

H/T: Punching Bag Post