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Tax Reform 2017: Individual Tax Rate Changes

Posted by Emily Taibl on Dec 21, 2017 4:30:14 PM

2017 Tax Rate Changes - Bellevue CPA

The final bill preserves the seven-bracket structure, but reduces most of the tax rates. The rates are effective January 1, 2018 and ending December 31, 2026.

Here are the current and new rates for married filing jointly taxpayers:

Current Rate   New Rate
             
Income Level   Tax Rate   Income Level   Tax Rate
             
$0 - $18,650   10%   $0 - $19,050   10%
$18,651 to $75,900   15%   $19,051 to $77,400   12%
$75,901 to $153,100   25%   $77,401 to $165,000   22%
$153,101 to $233,350   28%   $165,001 to $315,000   24%
$233,351 to $416,700   33%   $315,001 to $400,000   32%
$416,701 to $470,700   35%   $400,001 to $600,000   35%
above $470,700   39.60%   above $600,000   37%

 

Here are the current and new rates for single individuals:

Current Rate   New Rate
             
Income Level   Tax Rate   Income Level   Tax Rate
             
$0 to $9,325   10%   $o to $9,525   10%
$9,326 to $37,950   15%   $9,526 to $38,700   12%
$37,951 to $91,900   25%   $38,701 to $82,500   22%
$91,901 to $191,650   28%   $82,501 to $157,500   24%
$191,651 to $416,700   33%   $157,501 to $200,000   32%
$416,701 to $418,400   35%   $200,001 to $500,000   35%
above $418,400   39.60%   above $500,000   37%

 

Topics: Tax

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