The New Tax Plan

While the new tax plan that's being bandied about Congress is not yet law, there's enough we now know of what's likely going to be in what's eventually passed that we can start to get a general idea of how it might impact taxpayers.  Below Business Insider does a pretty decent job I think of summarizing what the proposed tax brackets will be going forward for both single filers and married individuals filing jointly.  Below I've shown in the tax brackets as compiled by them.

First is the brackets for single filers:

Then here's what a married couple filing jointly will pay:

Notice there are no personal exemptions anymore but the standard deduction increases.  Also, as I indicated above, this isn't the final bill.  The middle-class should see a slight decrease in their tax burden but it doesn't seem to be some huge windfall and one estimate I've seen pegs it for many families at a savings of a bit over  $100 a month.  I have some thoughts on how this will impact Americans in the middle but I'm going to wait until I see a final cut of the bill to discuss what I think it all means for them.

Link:   Businessinsider.com: "How 2018 Tax Brackets Could Change Under the Trump Tax Plan in Two Charts"