The GOP tax bill would collapse the current seven individual tax brackets into four: 12%, 25%, 35% and 39.6%. http://on.wsj.com/2zrtOQ6 pic.twitter.com/1jRiOhQwTx
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The new bottom tax rate covers more income than current 10% and 15% brackets do, meaning lower taxes for many middle-income households.
Many upper-income households could face a higher marginal tax rate under the bill, which pushes some from a 33% bracket into 35%.
You can follow our live coverage of the GOP tax bill here:http://on.wsj.com/2zr5D4n
So my husband and I who were in the 15% bracket before are now going to be in the 25% bracket? Thanks GOP!
Wait how? If you're in the 15% you make 75k or less, you'd have to make more than 90k to be in the new 25% right?
Though i probably read that chart wrong so idk.
This is just income tax, not including all the other taxes imposed on us.
Situation where 2 incomes (married) and I own a personal business, add our incomes together we may be <90, will we be 12% or do you round up
May be over $90K but way under $260K so would we get to use the lower tax bracket with this new plan?
@EricKim90 Can you explain the rules for over-under somewhat?
wait -- so those with the least income will get a 2% tax *increase* ??
BOOM BOOM BOOM! $90K is not what it used to be. Solid middle class there.
So before I was in the 10% bracket now now I am bumped up to 12% so I am not saving any money
There was no 10% tax bracket.
What about the 30% of single person households? Segment is faster growing.
So what’s the tax rate for married couples who do not make $90K?
Add in health care and that is unacceptable He'll I can't even get fast food meal under 5 bucks
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