WHAT'S IN THE FINAL TAX BILL?
Top income tax bracket has dropped to 37 per cent from 39.6 per cent
Other brackets are zero, 12, 22, 24, 32 and 35 per cent
'Standard' deduction for non-itemizers nearly doubles
Interest is deductible only on the first $750,000 of new home mortgages
Only individuals making more than $500,000 and couples earning $600,000 are in the top bracket
Corporate tax rates drop from 35 per cent to 21 per cent
Deduction for medical expenses and student loan interest and an exemption for graduate school tuition waivers
Ends Obamacare tax penalty for failing to buy health insurance
Doubles child tax credit to $2,000 for families earning up to $400,000
$1,400 of child credit is refundable even for families that don't pay any income tax
Doubles estate tax exemption to the first $11.2 million of inheritances
Opens a portion of the Arctic National Wildlife Refuge to oil and gas drilling
'Pass-through' corporations can deduct 20 per cent of income
Elimination of corporate Alternative Minimum Tax
No repeal of Johnson Amendment barring churches and religious organizations from election activity
Winning!
Top income tax bracket has dropped to 37 per cent from 39.6 per cent
Other brackets are zero, 12, 22, 24, 32 and 35 per cent
'Standard' deduction for non-itemizers nearly doubles
Interest is deductible only on the first $750,000 of new home mortgages
Only individuals making more than $500,000 and couples earning $600,000 are in the top bracket
Corporate tax rates drop from 35 per cent to 21 per cent
Deduction for medical expenses and student loan interest and an exemption for graduate school tuition waivers
Ends Obamacare tax penalty for failing to buy health insurance
Doubles child tax credit to $2,000 for families earning up to $400,000
$1,400 of child credit is refundable even for families that don't pay any income tax
Doubles estate tax exemption to the first $11.2 million of inheritances
Opens a portion of the Arctic National Wildlife Refuge to oil and gas drilling
'Pass-through' corporations can deduct 20 per cent of income
Elimination of corporate Alternative Minimum Tax
No repeal of Johnson Amendment barring churches and religious organizations from election activity
Winning!