How the GOP Tax Bill Affects Individual Taxpayers In 2018
President Trump signed his tax reform into law on December 22nd. You may already see changes in your take-home by the end of February.
On top of lower tax rates, the bill nearly doubles the standard deduction to $12,000 for individuals and $24,000 for married couples:
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Single $0 – $9,525 (10%) $9,525 – $38,700 (12%) $38,700 – $82,500 (22%) $82,500 – $157,500 (24%) $157,500 – $200,000 (32%) $200,000 – $500,000 (35%) $500,000 and above (37%) |
Married Filing Jointly $0 – $19,050 (10%) $19,050 – $77,400 (12%) $77,400 – $165,000 (22%) $165,000 – $315,000 (24%) $315,000 – $400,000 (32%) $400,000 – $600,000 (35%) $600,000 and above (37%) |