BUSINESS INSIDER: How Your Tax Bracket Could Change In 2018 With New GOP Tax Reform Bill
By Elena Holodny, Business Insider // December 18, 2017
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(BUSINESS INSIDER) – Republican leaders appear to have enough votes needed to pass their final tax bill.
The bill, the Tax Cuts and Jobs Act, was finalized this week by a conference committee made up mostly of members of the House and Senate committees that wrote the versions that those chambers passed.
Republican leaders have said they plan to hold a vote on the compromise bill early next week, with a goal of President Donald Trump signing it by Wednesday.
Here’s how this new tax plan could change federal income tax brackets in 2018 compared with those in 2017.
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- 10%: $0 to $9,525 of taxable income for an individual
- 12%: $9,526 to $38,700 individual
- 22%: $38,701 to $82,500 individual
- 24%: $82,501 to $157,500 individual
- 32%: $157,501 to $200,000 individual
- 35%: $200,001 to $500,000 individual
- 37%: over $500,000 individual