With the New Year come new tax laws. The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest Federal tax law change in over 30 years. Below are some significant changes affecting individuals. Except where noted, the changes are effective for tax years beginning after Dec. 31, 2017.
1. Seven individual tax rates. The tax rates will be: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. The top rate of 37 percent (down from 39.6 percent) would be assessed on income over $600,000 for married couples and $500,000 for single. Note that this is also the level at which the highest long-term capital-gain rate kicks in, resulting in further savings for high-income taxpayers.
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