Repeals the deduction for medical expenses that exceed 10% of an individual's adjusted gross income (Sec. 1308).

Specifies that wind and energy tax credits are reduced from 2.3 cents per kilowatt hour to 1.5 cents per kilowatt hour (Sec. 3501).

Specifies that interest earned on newly issued private activity bonds (PABs) will be included as income and thus subject to a tax (Sec. 3601).

Specifies that the tax exemption for municipal bond interest remains the same, with the exception of those used for professional sports stadiums, which will no longer be tax exempt (Secs. 3602-3604).

Repeals the deduction for state and local income and sales taxes not paid or accrued in a trade or business, with the exception of property taxes of up to $10,000 (Sec. 1303).

Reduces the corporate tax rate from a maximum of 35% to a flat 20%, with the exception of personal services corporations, which will have a flat 25% rate, effective in 2018 (Sec. 3001).

Increases the standard deduction to $12,200 for individuals, $18,300 for heads of household, and $24,400 for married couples (Sec. 1101).

Repeals tax credits that small employers can receive for the following (Secs. 3210, 3211, and 3222):

Employee health insurance expenses;

Pension plan startup costs; and

Employer-provided child care.

Limits private institutions’ use of tax-exempt bond financing by repealing the tax exemption for interest on new private activity bonds (Sec. 3431).

Establishes a 1.4% excise tax on investment income for private colleges and universities with endowments worth at least $250,000 per student (Sec. 5103).

Repeals the tax benefit for non-traditional students taking longer than 4 years to complete their degrees, part-time students, graduate students and lifetime learners (Sec. 1201).

Repeals the Alternative Minimum Tax (AMT), the federal tax system designed to prevent wealthy taxpayers from using loopholes to avoid paying taxes (Sec. 2001).

Repeals the following education-related deductions and credits (Secs. 1201, 1204, 1205, and 1208):

Lifetime Learning Credit and the Hope Scholarship Credit;;

Student loan interest deduction;

Section 117(d) tuition reduction assistance; and

Section 127 employer-provided educational assistance.

Authorizes a tax subsidy for the construction of low-income housing while repealing the tax-free status of certain bonds that help builders arrange financing for such projects (Secs. 3204 and 3431).

Repeals the first-time homebuyer credit and tax deductions for interest paid on home-equity loans (Secs. 1310 and 3432).

Specifies that the following itemized deductions remain in effect (Secs. 1402, 1403, and 1405):

The mortgage interest deduction with a cap of $500,000 in loans for newly purchased homes;

Charitable contribution deductions; and

Deductions for property taxes, which would be capped at $10,000 per tax filer.

Repeals the tax credit for energy efficient homes acquired after December 31, 2013, as well as the credit for electricity produced from renewable resources (Secs. 3217 and 3206).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 4001).

Repeals the Alternative Minimum Tax (AMT), the federal tax system designed to prevent wealthy taxpayers from using loopholes to avoid paying taxes (Sec. 2001).

Repeals the Work Opportunity Tax Credit (WOTC), the federal tax credit for employers who hire and retain veterans and other individuals with significant barriers to employment (Sec. 3229).