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Hopefully we can keep this thread open without being too political.
It is being touted as a tax cut , but I think our taxes will increase based on what Ive read so far.
They are getting rid of the AMT which is a plus as we've gotten hit with it for the last couple of years. They are also doubling the standard deduction which sounds great except that they are getting rid of exemptions, so if you have more than a couple of kids thats not a good thing. They are offsetting that with a higher child credit, but our income doesnt allow us to take the child credit anyway.
I really wish higher earners could get some of the education credits, that would be a plus.
Of course the devil is in the details, so this is just conjecture at this point.