House 5 brackets Senate
7 brackets
0% $1 to $24,000
10% $9,525
to $19,050
12% $24,000 to $90,000
22% $77,400
to $140,000
24% $140,000
to $320,000
25% $90,000 to $260,000
32% $320,000
to $400,000
35% $260,000 to $1 Million
38.5% $1
Million or more
39.6% $1 Million or more
The Senate brackets make more sense for the higher brackets.
A couple earning $33,525 would subtract the $24,000
Standard Deduction and places the extra $9,525 as taxable income will pay 10% of
$1.
If another couple earns $43,050, they will pay 10% of
$19050 or $1905 in federal tax. If they had 2 or more children they may pay
more federal tax in 2018 than they will for their 2017 taxes. See Senate
brackets below:
CNN Senate Bill
Senate 7 brackets at 10%, 12%, 22%, 24%, 32%, 35%, 38.5%
for couples earning over $470,700
The Senate bill also calls for seven brackets
but changes the rates on taxable income to:
- 10% (income up to $9,525 for individuals; up
to $19,050 for married couples filing jointly)
- 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)
- 22% (over $38,700 to $70,000; over $77,400 to $140,000 for couples)
- 24% (over $70,000 to $160,000; over $140,000 to $320,000 for couples)
- 32% (over $160,000 to $200,000; over $320,000 to $400,000 for couples)
- 35% (over $200,000 to $500,000; over $400,000 to $1 million for couples
- 38.5% (over $500,000; over $1 million for couples)
- 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)
- 22% (over $38,700 to $70,000; over $77,400 to $140,000 for couples)
- 24% (over $70,000 to $160,000; over $140,000 to $320,000 for couples)
- 32% (over $160,000 to $200,000; over $320,000 to $400,000 for couples)
- 35% (over $200,000 to $500,000; over $400,000 to $1 million for couples
- 38.5% (over $500,000; over $1 million for couples)
Norb Leahy, Dunwoody GA Tea Party Leader
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