The tax plan released by House Republicans would shrink the number of tax brackets from seven to four.
The seven currently in effect for joint filers are:
- 10 percent for taxable household income up to $18,650
- 15 percent for income between $18,651 and $75,900
- 25 percent for income between $75,901 and $153,100
- 28 percent for income between $153,101 and $233,350
- 33 percent for income between $233,351 and $416,700
- 35 percent for income between $416,701 and $470,700
- 39.6 percent for income above $470,701
Under the GOP House proposal, the brackets would be:
- 12 percent for taxable household income from $24,001 to $90,000
- 25 percent for income between $90,001 and $260,000
- 35 percent for between $260,001 and $1 million
- 39.6 percent for above $1 million.
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