Trump and GOP tax reform: Who gains, who pays more

"Lower and fewer tax rates....Ordinary-income graduated tax rate [brackets] will be cut from seven to three, while also eliminating the net investment income tax which funds Obamacare.

"No more estate tax... Makes the next four years a good time as any to die

"Huuuuge business tax cuts. The corporate tax rate will be cut from 35% (which Mr. Trump incorrectly asserts is the highest rate in the industrialized world) to 15%."

But also: "Farewell to depreciation... Most business deductions will be eliminated and businesses will be permitted to immediately deduct the cost of asset acquisitions." That's "a 'monumental divergence' from current law"

Upper-middle-income families will likely pay more: "Itemized deductions will be capped at $200,000 if married ($100,000 if single) while standard deductions will increase from $12,600 to $30,000 ($15,000 if single) and eliminate personal exemptions...

"Example: A family of five claiming the standard deduction will lose deductions under the Trump plan. Currently, they'd be entitled to a $12,600 standard deduction and $20,250 of personal exemptions, for a total tax benefit of $32,850. Under the Trump plan, that would be replaced with a $30,000 standard deduction and no personal exemptions."

On the other hand: "The rich get richer: Total federal tax revenue will be reduced by $6.2 trillion over the next 10 years. Of those cuts, nearly 47% will go to the richest 1%. Those earning less than $48,400 will have an annual tax cut of less than $400 while those earning $700,000+ will average an extra $215,000 per year...

"With the GOP leading two of the three branches of government, gridlock is no longer an issue or an impediment to advancing tax reform.

"There has been much talk about the need for a simplified, fair and manageable system free of loopholes and special interests.

"Only time will tell which of the big changes come to fruition and what their impact is on the overall tax health of Americans."