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Now that we have actual bill text for the GOP tax plan, my staff and I spent the weekend going over all 425 pages. waysandmeans.house.gov/wp-content/upl…
What follows are a few lowlights and where to find the explanation in the Joint Committee on Taxation description: jct.gov/publications.h…
Pg 24 Repeals the $4050 (per family member) personal exemption. 
This means a family of four gains $11,700 in standard deduction and simultaneously loses $16,200 in personal exemptions. JCT expl. Pg 10
This eliminates the deduction for people with high medical expenses. - JCT explanation pg. 60
Essentially creating a GOP Chronic Care Tax. Why is this bad? Start here: washingtonpost.com/amphtml/busine…
Pg 72. This repeals the Adoption Tax credit making it harder for middle class families to adopt. - JCT explanation pg 26
Pg 135 This is a new moving tax on anyone who has to relocate frequently for work. - JCT explanation pg 61
This will hit military families particularly hard. nytimes.com/2017/11/02/bus…
Page 103 - This eliminates the deduction for state and local income taxes.
Pg 252 Repeals the Work Opportunity Tax Credit, including for disabled vets and low income families- JCT explanation pg 158
Pg 132 Repeals the $250 above the line deduction for teachers to help offset their out of pocket school supplies.
The JCT explanation for this is on pg 65 of their description but read this for more: washingtonpost.com/news/education…
Pg 233 eliminates the deduction for domestic manufacturing. - JCT explanation pg 142
This eliminates the above-the-line student loan interest deduction.
Current law allows up to a $2,500 deduction against interest paid on student loans.
These deductions can be taken by anyone paying off their student loans who makes less than $165,000 (married) and $80,000 (single).
The GOP tax bill eliminates this deduction. See JCT explanation on page 40 of their description jct.gov/publications.h…
Striking sec 221 also eliminates the deduction for tuition and other education related expenses – currently allows up to a $4,000 deduction.
Pg 89 This repeals the Lifetime Learning Credit - a $2,000 Tax Credit for those seeking to acquire or improve job skills.
Pg 166 and this is where they double the estate-tax exemption. Unless you’re a millionaire, this does not help you.
The tax would be repealed completely starting in 2024, at a cost of $171.5 billion (over 10). JCT explanation Page 100.
