Proposed Senate and House version tax brackets and tax rates

Posted on 13. Nov, 2017 by 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+

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