Tax Legislation Discuss the implications of the tax cuts and jobs of 2017 in ref
ID: 2334522 • Letter: T
Question
Tax Legislation Discuss the implications of the tax cuts and jobs of 2017 in reference to individuals, corporations, estates and trust. Make a concerted effort to highlight the critical elements that constitutes this new legislation.Tax Legislation Discuss the implications of the tax cuts and jobs of 2017 in reference to individuals, corporations, estates and trust. Make a concerted effort to highlight the critical elements that constitutes this new legislation.
Discuss the implications of the tax cuts and jobs of 2017 in reference to individuals, corporations, estates and trust. Make a concerted effort to highlight the critical elements that constitutes this new legislation.
Explanation / Answer
-For individuals:In comparison to the previous rates ,the tax rates get slightly lower than before
Rates under Previous-Tax cuts and Jobs Act:10%, 15%, 25%, 28%, 33%, 35%, 39.6%
Rates under Tax cuts and Jobs Act:10%, 12%, 22%, 24%, 32%, 35%, 37%
Rate
Married Filing Joint
Married Filing Separate
Head of Household
Single
10%
Up to $19,050
Up to $9,525
Up to $13,600
Up to $9,525
12%
$19,051 to $77,400
$9,526 to $38,700
$13,601 to $51,800
$9,526 to $38,700
22%
$77,401 to $165,000
$38,701 to $82,500
$51,801 to $82,500
$38,701 to $82,500
24%
$165,001 to $315,000
$82,501 to $157,500
$82,501 to $157,500
$82,501 to $157,500
32%
$315,001 to $400,000
$157,501 to $200,000
$157,501 to $200,000
$157,501 to $200,000
35%
$400,001 to $600,000
$200,001 to $300,000
$200,001 to $500,000
$200,001 to $500,000
37%
Over $600,000
Over $300,000
Over $500,000
Over $500,000
Rate
Married Filing Joint
Married Filing Separate
Head of Household
Single
10%
Up to $19,050
Up to $9,525
Up to $13,600
Up to $9,525
12%
$19,051 to $77,400
$9,526 to $38,700
$13,601 to $51,800
$9,526 to $38,700
22%
$77,401 to $165,000
$38,701 to $82,500
$51,801 to $82,500
$38,701 to $82,500
24%
$165,001 to $315,000
$82,501 to $157,500
$82,501 to $157,500
$82,501 to $157,500
32%
$315,001 to $400,000
$157,501 to $200,000
$157,501 to $200,000
$157,501 to $200,000
35%
$400,001 to $600,000
$200,001 to $300,000
$200,001 to $500,000
$200,001 to $500,000
37%
Over $600,000
Over $300,000
Over $500,000
Over $500,000
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