So cliffnotes are taxes gonna be a giant CF
Biggest impacts for individuals:
1. Tax brackets will be revised (and maybe consolidated) to result in lower marginal rate for most people.
2. You lose state and local income tax deduction and mortgage interest deduction, but most Kansans will come out ahead because the standard deduction will be doubled. Far fewer people will need to bother itemizing.
3. You lose your personal exemption (a $4050 deduction per person in your household) but that's not a very big hit if it's just you and your wife, and if you got kids it is offset by increasing the child tax credit. Most people come out ahead.
4. No more AMT. If you don't pay AMT, you don't care.
5. Corporate taxes cut, stocks roar, retirement accounts soar.
6. Deficits increase, so congress finally reaches a bipartisan agreement on cutting spending.
5 of those 6 things will happen.