Given a reference text about the Tax Cuts and Jobs Act, provide a bulleted list of the main elements of the act.
The main elements of the Tax Cuts and Jobs Act are:
- Reducing tax rates for businesses and individuals
- Increasing the standard deduction and family tax credits
- Eliminating personal exemptions
- Limiting deductions for state and local income and property taxes
- Limiting the mortgage interest deduction
- Reducing the alternative minimum tax
- Doubling the estate tax exemption
- Setting the penalty enforcing individual mandate of the Affordable Care Act at $0