The recently-passed Tax Cuts and Jobs Act will lead to tax cuts for Americans in every tax bracket.
As the Wall Street Journal explains:
The bill collapses the current seven individual tax brackets into four: 12%, 25%, 35% and 39.6%. The new bottom tax rate covers more income than the current 10% and 15% brackets do, meaning lower taxes for many middle-income households.
Many upper-income households could face a higher marginal tax rate under the House bill, which pushes some from a 33% bracket into 35%. Whether they see actual tax increases would depend on particulars, and full estimates aren’t available yet.
Overall, each bracket would see tax cuts thanks to this bill, and tax savings are something we can all get behind, right?
We couldn’t be more thankful the Republican tax plan will benefit Americans in all tax brackets.