Tax Cuts and Jobs Act

Old Law New Law
Tax Brackets 10%, 15%, 25%, 28%, 33%, 35%, 39.6% 10%, 12%, 22%, 24%, 32%, 35%, 37%
Standard Deduction: Married Filing Joint $13,000 $24,000
Standard Deduction: Single $6,500 $12,000
Personal Exemption $4,150 $0
Child Tax Credit $1,000 $2,000
State and Local Tax All State and Local taxes fully deductible as an itemized deduction Income and property tax deduction limited to $10,000
Home Mortgage Interest Indebtedness up to $1 million Indebtedness up to $750,000 for contracts dated after 12-15-17
Home Equity Loan Deductible up to indebtedness of $100,000 Nondeductible
Miscellaneous Itemized Deductions Must exceed 2% of AGI Nondeductible
Estate Tax Exemption $5.6 million per person $11.2 million per person