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    Categories: Taxes and Retirement

Final House and Senate GOP Tax Reform Bill For Trump Tax Changes in 2018 and 2019

House and Senate Republican (GOP) lawmakers have passed a reconciled/final bill for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises to streamline the US personal and corporate tax code. The plans promise tax savings in 2018 of nearly $1,500 to $2,500 for an average four person household. However most critics have said that the proposed Trump/GOP tax reforms will benefit the rich and large corporations far more than lower and middle-class families.

Via the table below I have contrasted the changes of the two versions of the GOP bill from the House and Senate with the final tax reform bill.

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Min 2ies.

CategoryHouse Republicans BillSenate Republicans BillReconciled Final Bill for Trump
Tax Brackets & Rates
(see the updated 2018 tax brackets under the final/reconciled bill)
Go from seven to four tax rates and brackets: 12%, 25%, 35% and 39.6%. For single filers, corresponding income brackets will be up to $45,000, $200,000, $500,000 and $500,000+. For married people, those brackets will be up to $90,000, up to $260,000, up to $1 million and over $1 million. Bill also includes a 6% surtax or "bubble rate" that applies to those with AGI over $1 million ($1.2 million for couples)
Keeps seven individual income tax brackets per current tax model (vs 4 in House tax plan), but the 12% bracket would replace 15% bracket. Top rate cut to 38.5% vs 39.6% currently in place. Individual tax cuts would sunset after 2025Maintains 7 individual tax rate brackets - 10%, 12%, 22%, 24%, 32%, 35% and 37 % - which will start in tax year 2018 and expire by the end of 2025 (like ns-unemp 24ax placketrauts an ($1.2 d 3sse tn andme-adjers, co/$6r singl(update/ding in18/" tcans Bib>Reconciled F3ble id="for Trump an itempropcketPThese prExgtoe">20RepuRepuRepu" target="_blank">updateNhe US dou,000stcke> ad itempros00,0004, co/$12singl(ding in/updates/">sev). ;ion-m #666; } 24 and 37 % - which will start in tax yea)
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