Editor's Note: The Joint Economic Committee is counting down the days until Tax Day (April 17th) by showing how the Tax Cuts and Jobs Act will make life easier next year.
April 10, 2018
Countdown to Tax Day
Five Ways the TAX CUTS AND JOBS ACT (TCJA) Will Make Tax Day Less Taxing Next Year
#5: Lower Tax Rates
TCJA lowered individual tax rates and applied the lower rates to broader swaths of income beginning in 2018. Additionally, taxpayers in the 10 percent bracket will have an effective tax rate of zero percent under TCJA due to a much higher standard deduction. Workers began seeing this tax relief in February through higher paychecks when fewer taxes were withheld from their pay.