Standard deduction increased
$24,000 for those filing jointly (now $12,700)
$12,000 for those filing singly (now $6,350)


Eliminates Personal Exemptions (now $4,050 for each person


Significant effect on families with two or more children
Example: 4 times $4,050 = $16,200
under old law would get at least $12,700 + $16,200 = $29,900
under new law get $24,000
 
That is a 5,900 difference at 32% rate that is a $1888.00 tax increase

Child Tax Credit

Increased to $2,000.00 per child

Ends when child is 17.

To get the credit, parent must earn $2,500.00

Phaseout for parent earning 200,000 (single) or 400,000 (joint)