1) Postcard-size simplicity
Trump promised a tax code so simple most would be able to file their returns on a form the size of a postcard, even going so far as to kiss a mock-up during a photo op in November. "Great job, thank you very much. I didn't know I was going to be given a prop," Trump said on Nov. 2.
“Imagine filing your taxes on a form the size of a postcard. Imagine fewer, more simple deductions. And imagine three brackets instead of seven. This is not the stuff of fairy tales. This will be the reality if we finally reform our broken tax code,"House Speaker Paul Ryan's website reads.
The IRS would not say if or when it plans to begin printing new tax forms or whether they would be postcard-size. While the newly doubled standard deduction may mean simplified returns for more Americans who used to use complicated itemizing, there is not a wholesale simplification of the code under the Republican plan. The bill does not collapse brackets from seven to three as once promised, for example. Many deductions are preserved. And new provisions for “pass-through” businesses -- that is, businesses that don't have to pay corporate income taxes on their income -- will only add to the complexity.
2) 'Greatest benefit' for middle class
"If you look at the whole thing, everybody's going to benefit. But I think the greatest benefit is going to be for jobs and for the middle class, middle income," Trump said on Dec. 16.
3) 'The rich will not be gaining at all'
“The rich will not be gaining at all with this plan. We are looking for the middle class and we are looking for jobs -- jobs being the economy," Trump said on Sept. 13.
4) Closing the 'carried-interest loophole' for hedge fund managers
“As we continue to evolve on the framework, the president has made it clear to the tax writers and Congress. Carried interest is one of those loopholes that we talk about when we talk about getting rid of loopholes that affect wealthy Americans,” Trump economic adviser Gary Cohn told CNBC on Sept. 28.
5) Eliminating the estate tax
Trump made eliminating the estate tax, which he regularly branded the “death tax” on the campaign trail, a key component of his tax plan as both a candidate and president. "No family will have to pay the death tax," candidate Trump's tax reform plan proposal reads.
The GOP bill: The estate tax is preserved, but the exemption from the tax is doubled from $5.6 million estates and lower to $11.2 million -- a big benefit for the wealthiest Americans.
6) Largest tax cut in history of U.S.
“Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size. Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy, and create many beautiful JOBS!” Trump tweeted on Dec. 19.
“It's something that's going to be monumental. It will be the biggest tax decrease or tax cut in the history of our country,” Trump said on Dec. 15.
The GOP bill: The current bill is projected to cut federal tax revenue by roughly 1 percent of the GDP per year overall -- the 8th largest tax cut enacted since 1918 as a percentage of the GDP, according to the Committee for a Responsible Federal Budget, an independent bipartisan public policy organization. In inflation-adjusted dollars, the legislation’s estimated $1.5 trillion price tag is the fourth largest in recent history. The tax cut signed into law by President Ronald Reagan in 1981 was the largest since 1918 -- reducing federal revenues by 2.9 percent of GDP, according to the Treasury Department.