Highlights of the US tax plan: Would lower corporate tax rate to 20% from 35%

• Standard deduction doubled
• Would create a new family tax credit
• Brackets at 12%, 25%, 35% and 39.6%
• Would maintain mortgage interest deduction for existing loans and new purchases up to $500,000
• Would maintain 401(K) and IRA plans
• Would repeal alternative minimum tax
• Would double exemption for estate tax, would repeal estate tax after six years
• Would lower corporate tax rate to 20% from 35%
• Would allow small businesses to write off loan interest

Sounds like a 20% corporate tax cut right off the bat, no phase in. That's good news but the biggest question is whether or not this is politically feasible and what it would mean for the deficit.