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12/15/2017 Final Tax Plan is out - 12/15/17Final Tax Plan is out - 12/15/17The completed version of the GOP tax bill will have seven tax brackets, sources told FOX Business on Friday. As Republicans in the House and Senate prepared to release the details of the joint bill agreed upon by lawmakers across both chambers, sources said the GOP decided to stick with a seven-tier bracket system. The rates fall at 10%, 12%, 22%, 24%, 32%, 35% and 37%. The House had initially proposed collapsing the number of brackets into just three or four, an initiative the administration supported in an effort to simplify the tax code. While the number of federal-income brackets remains the same, the thresholds and percentages are different. Here’s a look at the new tax brackets. 10% Prepare Them For Kindergarten Entering kindergarten is a big milestone for your little one. Prepare them for this academic adventure with our six helpful tips and tricks.> This rate applies to: Single individuals with income up to $9,525 Married couples filing jointly with income levels up to $19,050 12% This rate applies to: Single individuals with incomes between $9,525 and $38,700 Married couples filing jointly with incomes between $19,050 and $77,400 22% Single individuals: $38,700 to $70,000 Married couples filing jointly: $77,400 to $165,000 24% Single individuals: $70,000 to $160,000 Married couples filing jointly: $165,000 to $315,000
Single individuals: $160,000 to $200,000 Married couples filing jointly: $315,000 to $400,000 35% Single individuals: $200,000 to $500,000 Married couples filing jointly: $400,000 to $600,000 37% Single individuals: $500,000 and above Married couples filing jointly: $600,000 and above Current rates These are the existing rates: 10%, 15%, 25%, 28%, 33%, and 39.6%. Currently, the top rate applies to those with incomes in excess of $470,700. Plans put forth by both chambers initially included people with household incomes between $600,000 and $1 million in a 35% bracket. Other State and local tax deductions, otherwise known as SALT, have been a big source of controversy for Republicans throughout the tax reform debate. FOX Business confirmed on Friday that the new plan will cap state and local income and property deductions at $10,000. Mike McVay, Tax Accountant
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Mike McVay, Tax Accountant Blog
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