The AMT, unfortunately has not been repealed is still in place. Only minor changes were made to this tax.
New law: The standard deduction for married filing jointly would increase to $24,000 for joint filers; $12,000 for single taxpayers; and $18,000 for heads of households.
A personal exemption is the amount that you can deduct from your income for every taxpayer and most dependents claimed on your return. New law: The personal exemption is eliminated completly.
Child Tax Credit
Previous law: Married couples filing jointly who earn less than $110,000 can receive a tax credit of up to $1,000 for each child under 17 years old that they claim as dependents on their tax returns. New law: The credit would increase to up to $2,000 per child.
State and Local Tax Deductions
Previous law: Taxpayers who itemize their taxes can deduct state and local property and real estate taxes, and either state and local income or sales taxes. New law: These now will be capped at $10,000.
Previous law: Taxpayers who itemize their taxes can deduct interest payments on mortgage debt of up to $1.1 million. That includes up to $100,000 of home equity debt. New law: For current mortgage holders, there is no change. But the deductible limit drops to $750,000 for new debt incurred after Dec. 31, 2017. Also, homeowners may not claim a deduction for existing and new interest on Home Equity loans, beginning Jan. 1, 2018.
Medical Expense Deduction
New law: Taxpayers can deduct medical expenses that exceed 7.5 percent of AGI in 2017 and 2018, but the new deduction level ends Jan. 1, 2019.
Capital Gains Tax Rate
New law: No changes.
Previous law: Alimony & Spousal support is usually tax deductible New law: Effective on January 1, 2019 these are no longer tax deductible at all.
Previous law: A top rate of 40 percent applies in 2017 to estates valued at more than $5.49 million (nearly $11 million for couples), according to the IRS.
New law: The top rate of 40 percent would apply to estates valued at more than $11.2 million ($22.4 million for couples).
Previous law: The top corporate rate was 35 percent. New law: The top rate would be 21 percent.
Pass-Through Business Taxes
Previous law: Businesses organized as sole proprietorships, LLCs and partnerships don’t pay corporate tax rates. Instead, the owners pay individual income taxes on their share of business income – they’re called pass-through business taxes. Those tax rates are the same as the individual income tax rates. New law: Business owners can take a 20 percent deduction on their pass-through business income, with limits for those earning above $157,500 (single) and $315,000 (married, filing jointly).