- The Personal Income Tax
The initial bill sought to reduce the number of tax brackets the American people fall into, but that didn’t hold widespread appeal.
So, we will still have the 7 tax brackets previously used, however,
“the new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent”,
according to Fox News.
The highest bracket only applies to those individuals making a yearly income of over $500,000, or a joint income of over $600,000; which obviously doesn’t apply to the average person or household.
Middle-class citizens will see less taxes taken out of their paychecks, putting more of your hard earned cash in your pocket.