This reform is the largest in THREE DECADES!!
There are still 7 tax brackets, but each bracket is lowered about 2%, so it appears you will pay less tax. There are too many other factors to consider to say for sure, but it’s a good start!
By the way, the tax scale is a graduated scale… For 2018, EVERY family pays 10% on the first $19,050 made in the year (assuming MFJ), then the next bundle of income is taxed at 12% (up to $77,400 – MFJ) and so on. So, if your family makes $70,000 for the year, the whole $70,000 is not taxed at 12%. It’s a combo of both sets of money and the resulting rate is an effective rate.
Tax Rates = {10%, 12%, 22%, 24%, 32%, 35%, 37%}
