The final version of the GOP tax plan is here, and this is what your new bracket will be.
Republican legislators haggled over the Tax Cuts and Jobs Act up to the last minute, garnering final support from holdouts Sens. Bob Corker, R-Tenn., and Marco Rubio, R-Fla.
Though the new law will maintain the same seven-bracket structure that's currently in force, Republicans have tweaked the rates and income levels at which they apply.
Under current law, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.
The bill, signed into law by President Donald Trump on Friday, pegs the new rates at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.
See below for a breakdown of the income tax brackets for singles.
| Rate | Taxable Income Bracket |
|---|---|
| 10% | 0 to $9,525 |
| 12% | $9,525 to $38,700 |
| 22% | $38,700 to $82,500 |
| 24% | $82,500 to $157,500 |
| 32% | $157,500 to $200,000 |
| 35% | $200,000 to $500,000 |
| 37% | $500,000 and up |
Here are the rates for married couples who file jointly.
| Rate | Taxable Income Bracket |
|---|---|
| 10% | 0 to $19,050 |
| 12% | $19,050 to $77,400 |
| 22% | $77,400 to $165,000 |
| 24% | $165,000 to $315,000 |
| 32% | $315,000 to $400,000 |
| 35% | $400,000 to $600,000 |
| 37% | $600,000 and up |
Finally, here are the rates for heads of household.
| Rate | Taxable Income Bracket |
|---|---|
| 10% | 0 to $13,600 |
| 12% | $13,600 to $51,800 |
| 22% | $51,800 to $82,500 |
| 24% | $82,500 to $157,500 |
| 32% | $157,500 to $200,000 |
| 35% | $200,000 to $500,000 |
| 37% | $500,000 and up |
For comparison, here would be the 2018 brackets under the current tax law, adjusted for inflation.
| Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | 0 to $9,525 | 0 to $19,050 | 0 to $13,600 |
| 15% | $9,525 to $38,700 | $19,050 to $77,400 | $13,600 to $51,850 |
| 25% | $38,700 to $93,700 | $77,400 to $156,150 | $51,850 to $133,850 |
| 28% | $93,700 to $195,450 | $156,150 to $237,950 | $133,850 to $216,700 |
| 33% | $195,450 to $424,950 | $237,950 to $424,950 | $216,700 to $424,950 |
| 35% | $424,950 to $426,700 | $424,950 to $480,050 | $424,950 to $453,350 |
| 39.60% | $426,700 and up | $480,050 and up | $453,350 and up |
Financial advisors have been concerned about the rates and brackets because they are instrumental in shaping financial planning strategies, including managing retirees' income in order to get the preferential rate of zero on long-term capital gains and dividends.
"The rates are one thing, but the brackets — we want to know what income levels do these brackets apply," said Keith Fenstad, partner and director of financial planning at Tanglewood Total Wealth Management in Houston.
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