Creation of Trump Accounts and Contribution Pilot Program |
No such accounts existed; only traditional and Roth IRAs for retirement savings. |
Establishes " Trump Accounts " for children under 18, with a $ 5,000 annual contribution limit, employer and charitable contributions allowed, and a $ 1,000 government-funded pilot for newborns( 2025-2028). Distributions generally not allowed before age 18, with special rollover and penalty rules. Employer contributions up to $ 2,500 / year are excludable from income. |
Parents, employers, and charities can contribute to taxadvantaged accounts for children, encouraging early savings and investment. |
Permanent Limitation on Mortgage Interest Deduction |
$ 750,000 cap temporary( 2018-2025) |
$ 750,000 cap made permanent; mortgage insurance premiums treated as interest |
Affects property owners; limits deductibility of interest on new loans |
Permanent Limitation on Casualty Loss Deduction |
Limited to federally declared disasters( 2018-2025) |
Limitation made permanent, expanded to state-declared disasters |
More disaster losses may be deductible |
Permanent Suspension of Miscellaneous Itemized Deductions |
Suspended for 2018- 2025 |
Suspension made permanent, except educator expenses |
Reduces deductibility of certain business-related expenses for individuals( ex. unreimbursed employee expenses) |