Tax Cuts and Jobs Act
In December of 2017, Congress passed the TAX CUTS AND JOBS ACT, which was subsequently signed into law by President Donald Trump. What most people want to know though is how does this affect me and my life? Here’s a simple breakdown of what this new law looks like overall. The TAX CUTS AND JOBS ACT will maintain the same seven-bracket structure that was in force previously. However, Congress has tweaked the rates and the income levels at which they apply. Prior to the new law, the seven tax brackets were 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent. Now, the tax code pegs the new rates at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.…