Individual tax rates modified to 0%, 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Personal exemption is eliminated and the standard deduction increased to $12,000 for individuals and $24,000 for married couples.
Taxpayers are allowed to (itemize) deduct on Schedule A; 1) property taxes and 2) state and local income taxes (or sales taxes in lieu of income taxes) up to a $10,000 maximum.
The child tax credit is increased from $1,000 to $2,000 and is refundable up to a $1,400 maximum. The credit begins to phase-out for families earning more than $400,000.
The mortgage interest deduction is preserved for new mortgages on a first or second home, and the deduction is limited to underlying debt of up to $750,000. The deduction for interest on home equity debt is suspended.
The individual mandate and associated penalty for not being covered by health insurance under the Affordable Care Act are eliminated permanently beginning in tax year 2019.
The exemption amounts for the alternative minimum tax are increased to $109,400 for joint filers and $70,300 for single taxpayers.
The estate and gift tax exemption is doubled from $5 million to $10 million.
"An Enrolled Agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing a three-part comprehensive IRS exam covering individual and business tax returns. Enrolled Agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to strict ethical standards and complete a minimum of 72 hours of continuing education courses every three years."