Is there a tool out there that would let non-Excel wizards easily calculate the change in their own taxes under this plan? Obviously all subject to sausage-making change as nothing's law yet.

Just from what I've read, I believe my family will come out ahead because of the increased child credits. Currently we do enough pre-tax savings to pay essentially zero federal tax, might start getting a refund again.

Actually you may really not need to be excel wizard to do this...you can actually just use a calculator.

1. Calculated whether your mortgage deduction (on 500K)+charitable contribution+property taxes will be over 24K if MFJ. If not, you know you will be taking the standard deduction.

2. Combine all sources of income - ordinary income (x1) + investment income (x0.5) to get to your total income. Only 50% of Investment income will be tax, hence multiply by 0.5.

3. Subtract your retirement contributions (401K, IRA if applicable) from your total income

4. Subtract your medical premiums from your income (i believe this stays pretax)

5. Subtract your Standard or Itemized deduction

6. That will give you your taxable income. Then, multiply that x 12% if up to 90K.

7. That gives you your tax.

8. Subtract from 8 the combination of your child and flex credits (1600 per child, 300 per adult in household)

9. That is the tax you will be paying.

I think that is pretty correct but am open to corrections.