The Tax Cuts and Jobs Act is focused on improving the lives of all Americans – especially the middle-class – by delivering more jobs, fairer taxes, and bigger paychecks. Here’s how the Tax Cuts and Jobs Act will help middle-class Americans and their families throughout their lives:

Starting a Career

  • Unleashing job creation: The lowest tax rates in modern history for American businesses of all sizes will help them grow our economy and create more job opportunities for hardworking Americans throughout the nation.
  • Zero, 12%, 25%, 35%, and 39.6%: A simpler, fairer tax code with five tax brackets instead of seven will better reward Americans’ hard work and allow them to keep more of their paychecks. And this simpler, fairer, and flatter tax code will be especially helpful for low- and middle-income Americans.
  • Doubling the standard deduction: Protects more of every paycheck from taxes and helps make the tax code so straightforward that 9 out of 10 Americans will be able to file on a form as simple as a postcard.

Buying a Home

  • Protecting the mortgage interest deduction: Ensures that middle-class Americans will preserve access to tax relief to help them achieve the American dream of home ownership.

Raising a Family

  • Establishing a New “Family Credit”: This new Family Credit includes an expanded Child Tax Credit that is increased from $1,000 to $1,600 per child to help parents with the cost of raising children, and it provides a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
  • Preserving the Child and Dependent Care Tax Credit: Will help families care for their children and older dependents such as a disabled grandparent who may need additional support.
  • Maintaining higher education tax benefits: Helps families save for and better afford tuition and education expenses.
  • 25%: Main Street job creators will no longer be taxed at individual rates as high as 40%. Instead, small businesses will be taxed at no more than 25%, allowing Americans to keep more of their money to grow a new start-up, support their families, and create jobs

Starting a New Business

  • 25%: Main Street job creators will no longer be taxed at individual rates as high as 40%. Instead, small businesses will be taxed at no more than 25%, allowing Americans to keep more of their money to grow a new start-up, support their families, and create jobs.

Giving Back

  • Preserving a tax benefit for charitable contributions: Encourages and rewards Americans who give back to their local church, charity, or community organization.

Preparing for Retirement

  • Rewarding saving and investment: Provides tax relief to help more families plan, save, and invest for a more comfortable and secure retirement.

For Your Children and Grandchildren

  • Repealing the Death Tax: Americans will no longer face double – or even triple – taxation on family assets or family-owned business when they pass down their life’s work to the next generation.

Source: https://waysandmeans.house.gov/wp-content/uploads/2017/10/WM_TCJA_PolicyOnePagers.pdf