$15,000 per person excluded from taxable income ($30,000 for joint filers) -$15,000-50,000 in income taxed at 10% rate -$50,000-100,000 in income taxed at 15% rate -$100,000-infinite taxed at 20% rate Most all exemptions/deductions eliminated. No deduction for having children, going to college, etc. Two that I would keep around are charitable giving and the 401(k)/IRA contributions. You incentivize helping others and saving for your future, not pooping out babies. Capital gains/dividend income becomes tax-free for those making less than $100,000 in income. 10% for dividends/long-term gains, 20% for short-term gains for those above that threshhold.