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.
Here are the rates for married couples who file jointly.
Finally, here are the rates for heads of household.
For comparison, here would be the 2018 brackets under the current tax law, adjusted for inflation.
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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