During the campaign, Trump proposed to compress into only three tax brackets the current seven tax brackets, which currently tops out at 39.6 percent. Trump’s proposal would reduce rates on ordinary income to 12, 25, and 33 percent.

Under Trump’s plan, the standard deduction would increase to $15,000 for single individuals and to $30,000 for married couples filing jointly. In contrast, the 2017
standard deduction amounts under current law are $6,350 and $12,700, respectively, as adjusted for inflation.

Trump also proposed during the campaign to implement a cap on the amount of itemized
deductions that could be claimed at $100,000 for single filers and $200,000 for
married couples filing jointly. Additionally, according to campaign materials, all personal exemptions would be eliminated, as would the head of household filing status.