Now that Congress has made final the latest Tax Act, I thought I would take a moment to share with you a summary of the changes so you may understand how they may affect you. These are in place 2018 until 2025.
Income Tax Rates
The 39.6% tax bracket has been removed and the rates have been condensed.
The system for taxing capital gains and qualified dividends did not change except the income levels for the 15% rate will start at $77,200 for married filing joint and $38,600 for single filers. The 20% rate will start at $479,000 for married filing joint and $425,800 for single filers. Read more