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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:

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%)