Individual Taxes (Which Would Expire After 2025) Brackets (seven) - Taxable Income Single Filers Up to $9,525 Between $9,525 and $38,700 Between $38,700 and $82,500 Between $200,000 and $500,000 Above $500,000 Heads of Households Up to $13,600 Between $13,600 and $51,800 Between $51,800 and $82,500 Between $200,000 and $500,000 Above $500,000 Married Individuals Filing Joint Returns and Surviving Spouses Up to $19,050 Between $19,050 and $77,400 Between $77,400 and $165,000 Between $165,000 and $315,000 Between $315,000 an $400,000 Between $400,000 and $600,000 Above $600,000 Married Individuals Filing Separately Up to $9,525 Between $9,525 and $38,700 Between $38,700 and $82,500 Between $200,000 and $300,000 Above $300,000 Estates and Trusts Up to $2,550 Between $2,550 and $9,150 Between $9,150 and $12,500 Above $12,500 Rate Nearly doubles the standard deduction from $6,500 to $12,000 for single filers married
Standard Deduction Personal Exemptions Pease limitation on itemized deductions Itemized Deductions Moving Expense Deduction Alimony Payments Casualty Losses individuals filing separately; from $12,000 to $24,000 for married individuals filing jointly; and from $9,550 to $18,000 for head of household filers. Repeals Repeals Eliminates miscellaneous deductions exceeding 2 percent of AGI, including tax preparation expenses, unreimbursed employee expenses, and home office expenses. Repeals moving expense deduction except for active duty military personnel. Eliminates alimony deduction; not deductible by payor and excluded from income of recipient. Delays effective date for provision to only be applicable to divorce or separation agreements executed or modified after December 31, 2018. Allows deduction for personal casualty and theft losses only if such loss was attributable to a disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act. Does not apply with respect to losses incurred after December 31, 2025. Effective for losses incurred in taxable years beginning after December 31, 2017. Increases both exemption amount and exemption amount phaseout thresholds. AMT exemption amount increased to $109,400 for
Alternative Minimum Tax (AMT) married taxpayers filing a joint return ($54,700 for married taxpayers filing a separate return). Exemption amount increased to $70,300 for all other taxpayers except estates and trusts. Phaseout thresholds increased to $1 million for married taxpayers filing a joint return and $500,000 for all other taxpayers except estates and trusts. State and Local Tax Deduction (SALT) *Amounts indexed for inflation. Allows for deduction up to $10,000 for state and local income, sales or property taxes. Does not appear to be adjusted for inflation. Amounts paid in 2017 for state and local income tax for 2018 tax year treated as paid for 2018 tax year. New mortgages capped at $750,000, but capped at $1 million for mortgages taken out before December 15, 2017. Mortgage Interest Deduction Deduction capped at $1 million beginning in 2026 no matter when debt was incurred. Deduction for interest on home equity debt eliminated beginning in 2018; returns in 2026. Increases credit from $1,000 to $2,000 per qualified child under the age of 17. Provides for $500 nonrefundable credit for qualifying dependents other than qualifying children. Maximum refundable credit of up to $1,400 per qualifying child.
Child Tax Credit Medical Expense Deduction Estate Tax, Gift Tax and Generation-Skipping Transfer (GST) Tax Individual Mandate 529 Deduction Taxpayer must include SSN for each qualifying child for whom the credit is claimed on return; SSN must be issued before due date for filing return for taxable year; SSN requirement would not apply to non-child dependent for whom the $500 nonrefundable credit is claimed. Phases out credit for taxpayers with AGI above $400,000 for married individuals filing jointly and above $200,000 for all other taxpayers (not indexed for inflation). Retains deduction but lowers threshold for deduction to 7.5 percent of AGI for 2018 and 2019; raises threshold to 10 percent of AGI in 2020. Preserves estate tax, gift tax, and Generation-Skipping Transfer (GST) tax but doubles basic exclusion amount from $5 million to $10 million through 2025. Eliminates ACA penalty for not having health coverage. Effective after December 31, 2018. Expands use of 529 accounts to cover up to $10,000 in tuition per student attending public, private, or religious elementary or secondary schools. Per-student basis only, not peraccount. Applies to distributions made after December 31, 2017. Increases income-based limit in 170(b)(1)(A) for certain charitable contributions made by individual taxpayer of cash to public charities and certain other organizations from 50 to 60 percent.
Charitable Donations No charitable deduction allowed for payment to institution of higher education in exchange for college athletic event seating rights. Repeals substantiation exception for certain contributions reported by donee organization (effective for contributions made in taxable years beginning after December 31, 2016). Retains charitable mileage rate of 14 cents under current law; does not adjust for inflation.