Here’s how tax brackets could change under GOP’s new plan
The tax plan released by House Republicans would shrink the number of tax brackets from seven to four.
The seven currently in effect for joint filers are:
10 percent for taxable household income up to $18,650
15 percent for income between $18,651 and $75,900
25 percent for income between $75,901 and $153,100
28 percent for income between $153,101 and $233,350
33 percent for income between $233,351 and $416,700
35 percent for income between $416,701 and $470,700
39.6 percent for income above $470,701
Under the GOP House proposal, the brackets would be: