Here's the actual working document:
1) Doubles the standard deduction. Huge bonus for renters & people who don't itemize deductions (students, poor people, etc.)
2) Removes/limits a bunch of deductions:
State & Local taxes (this is under debate, so it might just be a cap)
student loan interest
mortgage interest can only be deducted on mortgages less than $500k (was $1mm before)
charitable deductions are limited
3) Collapses the rate brackets into 5. Generally the levels are lower, so for most people this is a cut.
4) Cap gains on primary residence is more restrictive (must be 5 of last 8 years instead of 2 of last 5).
5) AMT is eliminated - a huge tax cut for wealthy who have a lot of deductions (usually real estate)
6) Estate tax exclusion is raised to $10mm (was $5mm) - in other words, a tax cut for 5-10 millionaires who are about to eat it. 2023 it will be eliminated (but who the hell knows what will happen between now and then)
7) corporate tax rate is cut to a flat 20% (currently has 4 tiers from 15-35, so if you're in the 1st tier, 0-50k, you're getting a tax increase).
There are obviously a lot more but those are the broad strokes.
Generally speaking as a fiscally conservative liberal, I like and don't like it (I am guessing that is the probably the common response).
On one hand, with the exception of the elimination of AMT & the estate tax, it's fairly progressive. It cuts taxes for a lot of lower and lower-middle class people, and keeps the highest tax bracket unchanged. The corporate tax cut will probably be a net positive, since even though corporate taxes are imposed on companies, a lot of economic thinking suggests that the burden is shouldered by the consumer and the employees.
On the other hand, it's going to increase the deficit. All the bullshit about stimulating the economy is just that, bullshit. We're already at 3% growth, it's not going to magically jump to 5% without some dramatic game changing technology breakthrough. The supply sider snake oil has been peddled so many times it's basically rancid at this point.
I'll be the first to say it, I'd rather have LePage style *real* fiscal discipline than have everybody get free money. Sorry, that's just how I roll.