"Tax reform" is peppered with lots of interesting items:
You'll no longer be allowed to deduct any alimony you pay out to an ex-wife(s) from your taxable income;
You'll no longer be able to deduct gambling losses from gambling income;
You'll no longer be able to deduct out-of-pocket medical expenses, fairly significant for those without insurance;
Those with student loans will no longer be able to deduct the interest on their loans;
Mortgages will be limited to $500k if you want them deductible;
Corporate tax rates will decline, . . . . but corporations will have to pay an immediate 12% tax on any cash assets they hold overseas and will no longer be able to defer US tax on foreign income - providing the IRS with an immediate $150 billion in taxes at a minimum.
The Standard Tax Deduction is doubled, but the Exemption is eliminated increasing taxes on the disabled and ultimately on those with children (there's a temporary reprieve for tax credits for children which gets phased out).
So good changes for healthy singles without children and who are not divorced and have their homes paid off.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
