- President Donald Trump signed the Republican tax bill into law
- New income tax brackets for 2018 will affect nearly all taxpayers.
- How much you'll pay in taxes depends on several factors, including whether you're single or married.
Here's a look at what the new income tax brackets mean for every type of US taxpayer this year
Tax bracket income ranges have been adjusted for 2018 under the new Republican tax law. Here's how the changes will affect taxpayers.
The Republican tax plan is now the law of the land.
That means it's time for American taxpayers to brace for some major changes. The new law retains seven income tax brackets but alters the ranges. Personal exemptions have been eliminated, but the standard deduction has increased.
These changes to Americans' tax brackets won't kick in when you file your 2017 taxes before Tax Day on April 17 this year. They'll apply to income earned in 2018, which you'll pay taxes on when you file your return next year.
How the new tax bracket shift affects you comes down to several factors, like how much you earn and whether you're married.
Heres how the new 2018 income tax brackets will affect both single and married Americans
Here's how the new 2018 income tax brackets and increased standard deductions break down for every type of taxpayer.