As for how it will affect individuals, in general, the more you earn, the more you'll save on taxes.
"There's clearly no question that the benefits of this tax break are going to go primarily to the top 4 percent [of earners]," Matt Gardner, a senior fellow at the at the Institute on Taxation and Economic Policy told CNBC's John Schoen.
Just how much will the richest Americans benefit under the new rules? The Institute on Taxation and Economic Policy crunched the numbers to find out. Below, we've highlighted the share of returns among the top 1 percent of earners that will get a tax cut and tax hike in each state, plus the average cut and hike.
Keep in mind that these estimates aren't definitive. "The new rules are so complex that two taxpayers in the same neighborhood with the same household income could see very different tax bills," reports Schoen.
And you'll want to take the below averages with a grain of salt. As Schoen points out, "the average of any collection of data often masks the range of impact on individuals. ... A focus on the average impact of the tax bill overlooks the specific impact on each individual tax return. Some households will see big savings; others will get hit with large increases."
The tax plan covers a 10-year span, so we included data for 2019 and 2027. You'll notice that the biggest cuts come in the early years, and that some people may see a cut in 2019 and a hike by 2027.
The income range for the top 1 percent varies by state, so we also included that. You can see how the new bill will affect all households here.