Proposed Senate and House version tax brackets and tax rates
Posted on 13. Nov, 2017 by Catherine Joy in 2017 Taxes, Tax
The Senate plan keeps the current seven income tax brackets but changes the tax brackets as illustrated below.
These rates will revert back to the current rate in 2025.
Income Tax Rate | Income Levels for Those Filing As: | ||
Current | Senate | Single | Married-Joint |
10% | 10% | $0-$9,524 | $0-$19,049 |
15% | 12% | $9,525-$38,699 | $19,050-$77,399 |
25% | 22.5% | $38,700-$59,999 | $77,400-$119,999 |
25% – 28% | 25% | $60,000-$169,999 | $120,000-$389,999 |
33% | 32.5% | $170,000-$199,999 | $390,000-$449,999 |
33% – 35% | 35% | $200,000-$499,999 | $450,000-$999,999 |
39.6% | 38.5% | $500,000+ | $1M+ |
The House Plan reduces the number of tax brackets to four and lowers rates. See below and compare this to the current rates above. These changes are proposed to be permanent.
Income Tax Rate | Income Levels for Those Filing As: | ||
Current | House | Single | Married/Joint |
10-15% | 12% | $0-$44,999 | $0-$89,999 |
25-28% | 25% | $45,000-$199,999 | $90,000-$259,999 |
28-39.6% | 35% | $200,000-$499,999 | $260,000-$999,999 |
39.6% | 39.6% | $500,000+ | $1M+ |