Tax wonks have begun a deep dive into the GOP's new bill, and the details on what the proposed overhaul means to you are beginning to emerge.
For businesses, Republicans are also seeking to reduce the federal corporate tax rate to 20 percent from its current maximum level of 35 percent.
"This combination of raising the standard deduction and eliminating itemized deductions will make tax preparation easier, but I'm not sure it will be a savings for higher income people," said Tim Steffen, director of advanced planning at Robert W. Baird & Co. in Milwaukee.
Even families who are middle income may miss out.
"There will be winners and losers in tax reform, and as it stands now, I worry that the benefits that are claimed to go to middle-income households won't play out," said Bill Hoagland, senior vice president at the Bipartisan Policy Center.
Here's how the bill will affect you if it moves forward without major changes.