US Federal Income Tax Rates & Brackets for 2018 US US Federal Income tax brackets and marginal tax rates for the 2018 tax year under the GOP's new tax plan |
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December 22, 2017: The tables below shows US Federal Income tax brackets and marginal tax rates for the 2018 tax year under the GOP's new tax plan signed into law today by President Trump. Democrats ask "Will Lucy let Charlie Brown kick the football (see image below) with this new plan?"
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US Federal Individual tax rates for tax year 2017 vs. 2018
Standard Deductions. For 2017, the standard deduction is
$6,350. An additional $1,550 is
allowed for an unmarried individual (single or head of household) who is
65 or older or blind, $3,100 if 65 or older and blind. The personal exemption for tax year 2017 is $4,050. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly.) |
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Note: Each tax rate applies to
a range of income called a tax bracket. Each tax rate applies to a
specific range of taxable income. Taxable income is total income after
various deductions have been subtracted.
For 2018, the GOP/Trump tax plan: (not a single Democrat voted for it):
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Note 1. Source: Bloomberg: A Quick Guide to the GOP Tax Plan Full Article at tinyurl.com/2018TaxRates
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