The Tax Cuts and Jobs Act (TCJA) passed by Congress and signed into law by President Trump is a sweeping tax package. Many in the tax profession are calling its passage and enactment the greatest change to the tax code in over 30 years!
One change that will affect everyone is the new tax brackets. There are seven new tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your income and how you file will determine which bracket you fall into. See the tables below to learn more.