Personal Taxes
Income Tax Rates
The law retained the old structure of seven individual income
tax brackets, but in most cases, it lowered the rates. The top rate fell from 39.6% to 37%, while the 33% bracket dropped to 32%, the 28% bracket to 24%, the 25% bracket to 22%, and the 15% bracket to 12%.10 The lowest bracket remained at 10%, and the 35% bracket was also unchanged. The income bands that the new rates applied to are lower, compared to 2018 brackets under current law, for the five highest brackets.