GOP Tax Bill Favors the Rich and Married
What will be the actual impact of the GOP tax bill on what taxpayers owe?
The charts below show the personal income tax you’ll pay depending on your filing status and income — assuming that you have no children or other dependents and take the standard deduction.
Married Filing Jointly
Married Filing Separately
Head of Household
The charts reveal particularly large tax cuts for married couples whether they file jointly or separately. In addition, those tax cuts grow substantially larger for couples with higher incomes.
In short — if you’re rich and married, you’re in luck!
For more on the tax bill, read about how specific provisions will affect you, long-term economic effects, and the impact of the new territorial tax system.
Also feel free to adjust the chart to fit your tax situation or view the underlying code.