#TrumpTaxCuts According to the law, there are numerous changes to individual income tax, including the alteration of the income level of individual tax brackets, the reduction of tax rates, and the increase of standard deductions and family tax credits, while itemized deductions are reduced and personal exemptions are eliminated.

Most individual income taxes are reduced until 2025. The number of income tax brackets remains at seven, but the income ranges in various brackets have been altered and most brackets have lower rates. These are marginal rates that apply to income in the indicated bracket under current law (i.e., the previous Public Law 115-97 or the Law), so a higher income taxpayer will have their income taxed at several different rates. [ 17 ][ 18 ] A different inflation measure ( chained CPI or C-CPI) will be applied to the brackets instead of the Consumer Price Index (CPI), so the brackets increase more slowly. This is effectively a tax increase over time, as people move more quickly into higher brackets as their income increases; this element is permanent. [ 19 ][ 20 ]

The standard deduction nearly doubles, from $12,700 to $24,000 for couples. For single taxpayers, the standard deduction will increase from $6,350 to $12,000. About 70% of families choose the standard deduction instead of itemized deductions; this percentage may increase to over 84% if doubled. The personal exemption is eliminated — it was a deduction of $4,050 per taxpayer and dependent, unless in an estate or trust. [ 19 ][ 20 ][ 21 ]