Senate Republicans are keeping seven income tax brackets in their tax overhaul, but they are changing the rates that would apply to your income.
Under current law, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.
In the bill passed late Thursday by the Senate Finance Committee, the new rates would be 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 38.5 percent.
The full Senate is expected to vote on the bill after Thanksgiving.
See below to get a sense of what your bracket will be next year under the proposal.
Single payers can expect the following.
Married couples who file jointly can expect these brackets.
The House bill differs from the Senate in that it called for a consolidation of the tax brackets, reducing them to four from seven.
That proposal passed the House on Thursday by 227-205.
Here's how your brackets would look under the House overhaul.
A group of taxpayers currently in the 33 percent bracket would get bumped to 35 percent under the plan. That's because the 35 percent bracket would kick in at lower dollar amounts than the current framework.
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