There's a lot of give and take here. As a higher wage earner with multiple kids, the benefits of this reform are relatively small and uncertain.
I take a huge hit right off the bat by losing the personal exemptions for me and my family. That deduction was worth over $20k.
On the flip side, doubling the standard deduction will equal or perhaps slightly exceed my itemized deduction. So it might help me a little or be a wash. It certainly makes losing the SALT deduction irrelevant for me.
Eliminating the AMT should be worth about $1000.
Collapsing the brackets also significantly reduced my marginal rate.
So if you take all those savings together, it might be enough to offset losing the personal exemptions and maybe even giving me a small tax cut.
What would be awesome is if, in addition to increasing the child tax credit from $1000 to $1600, they also increase the income threshold at which that credit phases out. Currently we don't get that credit because of the phase out. If we got even part of it under this new plan, I'd feel more confident that my net result will be a cut.