The 5 Tax Reform Changes ICCU Members Should Know
The 5 Tax Reform Changes Isabella Community Credit Union Members Should Know
It’s a safe bet that parts of the most recent tax reforms left you a little — or very — perplexed. If that’s the case, you’re not alone. According to one survey, the new tax law confuses 77% of respondents. The confusion is understandable — there are a lot of moving parts when it comes to any tax changes.
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To help clear up the confusion, Isabella Community Credit Union has provided the top 5 tax reform changes you should know:
1. Lower Tax Rates and Changed Income Ranges
The seven tax brackets found in the former law remain, but a number of tax rates are lower. The income thresholds at which the rates apply also change.
- The former brackets were: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%
- The new brackets are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%
The income thresholds at which these brackets kick in change for single and married joint filers, as well.
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