MULTIZ321
TUG Member
- Joined
- Jun 6, 2005
- Messages
- 31,345
- Reaction score
- 9,012
- Points
- 1,048
- Location
- FT. LAUDERDALE, FL
- Resorts Owned
-
BLUEWATER BY SPINNAKER HHI
ROYAL HOLIDAY CLUB RHC (POINTS)
A guide to the Tax Changes
By Eugene Kiely/ FactCheck.org
"The Tax Cuts and Jobs Act is now law.
The House and Senate approved the bill on Dec. 19. It passed 227-203 in the House with no Democratic votes and 12 Republican “no” votes. The Senate then passed the bill 51-48 along strict party lines, with one Republican senator, John McCain, not voting.
Because of minor changes in the bill made by the Senate, the House was required to pass the bill again before sending it to the president. The House gave final approval on Dec. 20 by a 224 to 201 vote. Again, the bill received no Democratic support and was opposed by 12 Republicans. President Donald Trump signed it on Dec. 22.
Here we compare some of the major provisions of the new law with the previous tax code...."
Individual Income Tax Rates
The bill maintains seven individual income tax brackets, but changes the tax rates and thresholds. See the charts below.
Previous law: These are the tax brackets that individual taxpayers will use when filing taxes in 2018 for the 2017 tax year, according to the IRS (see pages 7-9).
Single Filers
Tax Bracket Taxable Income
10 percent Up to $9,325
15 percent $9,326-$37,950
25 percent $37,951-$91,900
28 percent $91,901-$191,650
33 percent $191,651-$416,700
35 percent $416,701-$418,400
39.6 percent Over $418,400......
Richard
By Eugene Kiely/ FactCheck.org
"The Tax Cuts and Jobs Act is now law.
The House and Senate approved the bill on Dec. 19. It passed 227-203 in the House with no Democratic votes and 12 Republican “no” votes. The Senate then passed the bill 51-48 along strict party lines, with one Republican senator, John McCain, not voting.
Because of minor changes in the bill made by the Senate, the House was required to pass the bill again before sending it to the president. The House gave final approval on Dec. 20 by a 224 to 201 vote. Again, the bill received no Democratic support and was opposed by 12 Republicans. President Donald Trump signed it on Dec. 22.
Here we compare some of the major provisions of the new law with the previous tax code...."
Individual Income Tax Rates
The bill maintains seven individual income tax brackets, but changes the tax rates and thresholds. See the charts below.
Previous law: These are the tax brackets that individual taxpayers will use when filing taxes in 2018 for the 2017 tax year, according to the IRS (see pages 7-9).
Single Filers
Tax Bracket Taxable Income
10 percent Up to $9,325
15 percent $9,326-$37,950
25 percent $37,951-$91,900
28 percent $91,901-$191,650
33 percent $191,651-$416,700
35 percent $416,701-$418,400
39.6 percent Over $418,400......
Richard