New Tax Reform Plan Cuts Corporate Tax Rate, Eliminates AMT and Estate Tax, Changes Brackets

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New Tax Reform Plan Cuts Corporate Tax Rate, Eliminates AMT and Estate Tax, Changes Brackets
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The tax plan changes the current 7-bracket structure to only four. The first $24,000 in income for a household would have no taxation because of the increased standard deduction. The second bracket, $24,000 to $90,000 would have a tax rate of 12%. Income from $90,000 to $260,000 would have a 25% rate. Income from $260,000 to $1 million would have a 35% rate. And income above that would be taxed at 39.6%.

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