Tax Reform Update: The Tax Cuts and Jobs Act

Please note that the information presented below is current as of the posting date. Individuals Tax Brackets. There are seven brackets in today’s individual tax code: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The Senate bill calls for seven brackets, but changes the rates on taxable income to 10%, 12%, 22%, 24%, 32%, 35%…