WSJ Tax Guide 2019: Tax Rates and Brackets
The tax overhaul altered rates and brackets, but not as much as some proposed. Instead, the major changes affecting Americans often stem from such provisions as the expanded standard deduction or child tax credit.
Lawmakers also switched to a less generous method for calculating inflation adjustments to tax brackets and other key provisions. The inflation adjustments to tax brackets and other key provisions will now be done using the typically slower-moving chained consumer-price index instead of a traditional method of inflation known as the CPI-U. This will cost Americans $133.5 billion over a decade.
As before the overhaul, the tax code has seven income brackets. The rate changes expire at the end of 2025, but the change to the inflation adjustment is permanent.
The overhaul dropped the top rate from 39.6% to 37%. The lowest rate remains 10%, which takes effect at the first dollar of taxable income.
The guide is available here.
Original Story at WSJ.