The 35% (1 in 3) and 10% (1 in 10) income tax rates for married couples depend on the total amount of income they make. The 35% tax rate applies to taxable income above $370,000 and the 10% tax rate applies to taxable income above $450,000.For example, if a couple makes $500,000 in taxable income in 2018 and is married filing jointly then they would owe $100,000 at the 35% rate and only need to pay an additional $25,000 when filing their return. But if they make $450,000 in taxable income in 2018 and are married filing jointly then they would owe $175,000 at the 35% rate and only need to pay an additional $0 when filing their return. The rates that apply depend on their total taxable income.The high income surtax that applies to single taxpayers filing individual tax returns with total taxable income of more than $500,000 would be eliminated under the bill. It was first introduced by President Trump in his 2018 tax bill. Key changes for high-income taxpayers of the final GOP tax bill are summarized in this table.The new tax rates would generally apply after Dec. 31, 2018, except for the new deduction for pass-through business income that would apply starting with the 2019 tax year.The bill creates a new nonrefundable credit, known as the family flexibility credit, that would be available to certain low-income families with children under 18 years of age. The credit is equal to 10 percent of earned income in excess of $4,400 per individual and $8,800 per couple in 2018. The credit would phase out for taxpayers with incomes at $150,000 ($75,000 for single individuals).The bill temporarily increases the child tax credit from $1,000 per qualifying child to $2,000 until Dec. 31, 2025. The bill also expands the tax benefits to other dependents such as nieces and nephews. Under current law children can qualify if they are under age 17 while under the final GOP tax bill the age limit will be reduced to under age 16.The increased child tax credit and expanded provisions would expire after Dec. 31, 2025 and revert back to the current law provisions in place prior to the new GOP tax bill. The bill expands the dependent care credit from $1,050 to $1,600 per dependent. The credit is available to parents who work full-time and pay for child or dependent care expenses while they are at work. For a summary of the tax brackets and rates, see "Table 1". Note that these tables reflect the law prior to passage of the Tax Cuts and Jobs Act.
The bill would add a new top income tax rate for taxpayers with taxable incomes above $750,000 ($375,000 for single taxpayers). It would also add new rates at 35% and 38.
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