Tax reform bill passes House and Senate: What to expect from the new legislation


The House and Senate voted Tuesday and early Wednesday, to pass the largest overhaul of the U.S. tax code in more than 30 years. The bill passed on a 227-203 vote. No Democrats voted for the new legislation. 

In the Senate, the Tax Cuts and Jobs Act passed on a 51-48 vote at 12:40 a.m. ET on Wednesday. President Trump is expected to sign the legislation before Christmas.

The House will vote again on the bill on Wednesday because of technical issues with the first vote.

Here are a few takeaways from the new law. 

10 percent up to $19,050, versus 10 percent up to $18,650 under existing law;

12 percent on $19,051 to $77,400, versus 15 percent on$18,651 to $75,900;

22 percent on $77,401 to $165,000, versus 25 percent on $75,901 to $153,100;

24 percent on $165,001 to $315,000, versus 28 percent on $153,101 to $233,350;

32 percent on $315,001 to $400,000, versus 33 percent on $233,351 to $416,700;

35 percent on $400,001 to $600,000, versus 35 percent on $416,701 to $470,700

37 percent above $600,000, versus 39.6 percent above$470,700.

For single individuals, effective Jan. 1, 2018 and ending in 2026, income tax would be:

10 percent up to $9,525, versus 10 percent up to $9,325 under existing law;

12 percent from $9,526 to $38,700, versus 15 percent on $9,326 to $37,950;

22 percent on $38,701 to $82,500, versus 25 percent on $37,951 to $91,900;

24 percent on $82,501 to $157,500, versus 28 percent on $91,901 to $191,650;

32 percent on $157,501 to $200,000, versus 33 percent on $191,651 to $416,700;

35 percent on $200,001 to $500,000, versus 35 percent on $416,701 to $418,400;

37 percent above $500,000, versus 39.6 percent above $418,400.

These brackets would expire after 2025.


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