Tax bracket ranges have been adjusted for 2018, thanks to US President Donald Trump’s new tax law. Check out how the change will affect all taxpayers.
US President Donald Trump and Congressional Republicans’ new tax plan is the law of the land.
That means it’s time for average American taxpayers to brace for some major changes. The new plan retains seven income tax brackets, but alters the ranges. Personal exemptions have been eliminated, but the standard deduction has been increased, as outlined below.
These changes to Americans’ tax brackets won’t kick in when you file your taxes this year — April 17 is tax day 2018, the day your 2017 taxes are due. The 2018 tax brackets apply to income earned in 2018 — which you’ll pay taxes on when you file your tax return next year.
How the new tax bracket shift affects you comes down to a number of factors, like how much you earn and whether or not you’re married. Here’s a side-by-side look at how the new 2018 income tax brackets will affect both single and married Americans:
Here’s how the new 2018 income tax brackets and increased standard deduction amounts break down for every type of taxpayer. 2018 tax brackets and income ranges for single taxpayers: 2018 tax brackets and income ranges for married taxpayers filing jointly and surviving spouses: 2018 tax brackets and income ranges for taxpayers filing as head of household: 2018 tax brackets and income ranges for married taxpayers filing separately:
