Under Trump, Fewer Tax Brackets
Donald Trump proposes having three tax brackets, down from the current seven, and repealing the head-of-household tax-filing category. The standard deduction would be $30,000 for married couples filing jointly (up from $12,600 currently) and $15,000 for single individuals (up from $6,300).
Trump's Plan
TAX BRACKET
|
single
|
HEAD OF HOUSEHOLD
|
MARRIED FILING JOINTLY
|
---|---|---|---|
12% | $0 - 37,500 | N/A (single-filer rates) | $0 - 75,000 |
25% | $37,500 - 112,500 | N/A (single-filer rates) | $75,000 - 225,000 |
33% | $112,500+ | N/A (single-filer rates) | $225,000+ |
Current Plan
TAX BRACKET
|
SINGLE
|
HEAD OF HOUSEHOLD
|
MARRIED FILING JOINTLY
|
---|---|---|---|
10% | $0 - 9,275 | $0 - 13,250 | $0 - 18,550 |
15% | $9,275 - 37,650 | $13,250 - 50,400 | $18,550 - 75,300 |
25% | $37,650 - 91,150 | $50,400 - 130,150 | $75,300 - 151,900 |
28% | $91,150 - 190,150 | $130,150 - 210,800 | $151,900 - 231,450 |
33% | $190,150 - 413,350 | $210,800 - 413,350 | $231,450 - 413,350 |
35% | $413,350 - 415,050 | $413,350 - 441,000 | $413,350 - 466,950 |
40% | $415,050+ | $441,000+ | $466,950+ |