The House and Senate voted Tuesday and early Wednesday, to pass the largest overhaul of the U.S. tax code in more than 30 years. The bill passed on a 227-203 vote. No Democrats voted for the new legislation.
In the Senate, the Tax Cuts and Jobs Act passed on a 51-48 vote at 12:40 a.m. ET on Wednesday. President Trump is expected to sign the legislation before Christmas.
The House will vote again on the bill on Wednesday because of technical issues with the first vote.
Here are a few takeaways from the new law.
10 percent up to $19,050, versus 10 percent up to $18,650 under existing law;
12 percent on $19,051 to $77,400, versus 15 percent on$18,651 to $75,900;
22 percent on $77,401 to $165,000, versus 25 percent on $75,901 to $153,100;
24 percent on $165,001 to $315,000, versus 28 percent on $153,101 to $233,350;
32 percent on $315,001 to $400,000, versus 33 percent on $233,351 to $416,700;
35 percent on $400,001 to $600,000, versus 35 percent on $416,701 to $470,700
37 percent above $600,000, versus 39.6 percent above$470,700.
For single individuals, effective Jan. 1, 2018 and ending in 2026, income tax would be:
10 percent up to $9,525, versus 10 percent up to $9,325 under existing law;
12 percent from $9,526 to $38,700, versus 15 percent on $9,326 to $37,950;
22 percent on $38,701 to $82,500, versus 25 percent on $37,951 to $91,900;
24 percent on $82,501 to $157,500, versus 28 percent on $91,901 to $191,650;
32 percent on $157,501 to $200,000, versus 33 percent on $191,651 to $416,700;
35 percent on $200,001 to $500,000, versus 35 percent on $416,701 to $418,400;
37 percent above $500,000, versus 39.6 percent above $418,400.
These brackets would expire after 2025.
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