New brackets for individuals
* 12 percent for households making from $24,000 to $90,000 a year;
* 25 percent for households making from $90,000 to $260,000 a year;
* 35 percent for households making from $260,000 to $1 million a year; and,
* 39.6 percent for households making more than $1 million a year.
Households making less than $24,000 won’t owe any income tax.
Raising the standard deduction
State and local tax deductions
A new credit for families
A lingering death for the Death Tax
A tax on endowments
Things that aren’t changing
* The Earned Income Tax Credit will remain in place.
* “Popular retirement savings options” like 401(k)s and IRAs will not be affected.
* The charitable deduction will remain in place; and,
* For businesses, the R&D credit will still be available.