How the GOP Tax Bill Affects Individual Taxpayers In 2018

2018 Tax Bill

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%)