The recent tax law changes have lowered the tax brackets starting in 2018, but that does not necessarily mean lower taxes. This is due to the elimination or reduction of items that are no longer deductible. Deductions that have disappeared include, but are not limited to:
Personal exemptions: This will have the most impact on taxpayers who claim their adult children or parents. However, this may be offset somewhat by a partial credit.
Miscellaneous deductions: Sales people who have to incur out of pocket expenses or who use a home office will be greatly affected.
State and local taxes: The deduction is now limited to $10,000 for property taxes and state income taxes. This mostly impacts us here in North Jersey because we have such high property and income taxes. However, many taxpayers in this area are subject to the Alternative Minimum Tax (AMT), so their deductions would normally have been limited anyway.
Mortgage interest and home equity loans: No deduction for home equity loans, and a lower threshold of $750,000 for new mortgages.
The list goes on and on, but includes either limitations or eliminations of moving expenses, alimony payments (for divorces after 2018), entertainment deductions, like-kind exchanges, business losses, etc.
On the plus side the child tax credit has been increased to $2,000, along with the thresholds to claim this credit. Also, the standard deduction has almost doubled. Every situation is different and must be looked at on a case by case basis.