The True Tax

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Pres. Trump's Tax Team Promises True Tax Reform Legislation

About nine in 10 taxpayers will simply claim the new standard deduction in rather than itemize their taxes. The new larger credit more than offsets the repeal of the personal exemption for dependents.

For individuals, the bill also expanded college savings accounts to K expenses, limited the mortgage interest deduction for new mortgages, zeroed out the individual mandate tax, raised the death tax exclusion, eliminated the phase-out of itemized deductions, and increased the exemption for the alternative minimum tax, among many other changes. But all of the individual tax cuts expire after and will need to be extended. Otherwise, Americans will face steep tax increases down the road.

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