Tax Reform Update: What it Means for Individuals | simpleetax

This video provides an update on the latest proposed tax reform plan and how it affects individuals.

Topics discussed include;
1. Standard Deduction
2. Personal Exemption
3. State and Local Income Taxes
4. Income Tax Brackets
5. Child Tax Credit
6. Mortgage Interest Deduction
7. Home Equity Loan Deduction

Proposed Income Tax Brackets:
Single Filers:
10%: $0 to $9,525 of taxable income for an individual
12%: $9,526 to $38,700 individual
22%: $38,701 to $82,500 individual
24%: $82,501 to $157,500 individual
32%: $157,501 to $200,000 individual
35%: $200,001 to $500,000 individual
37%: over $500,000 individual

Joint Filers:
10%: $0 to $19,050 for married joint filers
12%: $19,051 to $77,400 joint
22%: $77,401 to $165,000 joint
24%: $165,001 to $315,000 joint
32%: $315,001 to $400,000 joint
35%: $400,001 to $600,000 joint
37%: Over $600,000 joint

Music by: Colourful Spots by HookSounds (www.hooksounds.com)

Email: [email protected]

This video is for entertainment and informational purposes only and should not be considered tax advice. By watching or commenting on this video, we are not forming a professional relationship. If you seek specific tax advice, please consult a CPA from your local area.