The tax rates in the U.S. will be lower next year, thanks to the new Republican tax plan. Currently, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent. The new rates, which relate to the tax return you'll file in 2019, will be 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.
How do these rates compare to other countries?
According to a research paper published by the Federal Reserve Bank of Chicago, "the U.S. is a relatively lightly taxed country." In fact, of the 35 OECD countries, the U.S. ranks 32nd in total tax burden, a measurement that includes income, property and various other taxes.