Proposed Income tax rates:

Tax Rate Married Filing Jointly, Tax Bracket Single Filers, Tax Bracket
39.6% > $1 Million > $500K
35% $260,000 – $1 Million $200,000 – $500,000
25% $90,000 – $260,000 $45,000 – $200,000
12% $0 – $90,000 $0 – $45,000

 

Current Income Tax Rates

Tax Rate Married Filing Jointly, Tax Bracket Single Filers, Tax Bracket
10% $18,650 to $75,900 $0 to $9,325
15% $18,650 to $75,900 $9,325 to $37,950
25% $75,900 to $153,100 $37,950 to $91,900
28% $153,100 to $233,350 $91,900 to $191,650
33% $233,350 to $416,700 $191,650 to $416,700
35% $416,700 to $470,700 $416,700 to $418,400
39.6% $470,700+ $418,400+

 

Standard Deduction

Married Filing Jointly Single
Proposed
24,000 $12,000
Current
$12,700 $6,350

 

Itemized Deductions

Itemized Deductions Proposed Current
State and Local Taxes Gone All subject to AMT
Property Taxes Up to $10,000 All
Mortgage Interest Deduct Interest on loan amount up to 500,000 Deduct interest on  loan amount up to 1.1 M

 

Tax Credits & Others

Proposed Current
Child Tax Credit $1,600 per child $1,000
Non Child Credit $300 per non child $0
Child Care Credit Up to 4 children Up to 2 children
Retirement No Change Up to 18k/24K
AMT Gone Remains
Estate Tax Exemption $11 Million $5.5 Million
Personal Exemption Gone $3,950 per person

If you find yourself asking for more information, we’re happy to help. The CPA’s at Tri-State Accounting & Tax Services can help you plan for 2018. Give us a call at 513-791-6288.