What the New Tax Bill Means for You

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 · Here’s what the GOP tax reform plan would mean for families, businesses. Married couples who file jointly would fall in the 12 percent tax bracket for income up to $90,000, and in the 25 percent tax bracket for income up to $260,000. The slightly lower tax rates, larger standard deduction and expanded child credit would help.

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What’s in republicans’ tax plan and what it means for you. By .. ambitious and long-awaited tax bill Thursday that seeks to simplify the tax code and reduce corporate rates, the latest step as.

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If you're a US taxpayer, chances are you've used a handy online calculator to estimate the dollar impact of the new tax bill on your paycheck.

 · A tax bracket is the group you fall into at which a percentage applies to calculate the tax you owe based on your income. The new tax brackets in the bill are 12%, 25%, 35%, and 39.6%. The top tax rate of 39.6% remains the same. A comparison of the House bill tax brackets to current law is shown at the table included.

What the New Tax Bill Means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.