Revised Tax Bill Would Put People in Higher Brackets Sooner
- Inflation tweak would take effect in 2018 instead of 2023
- Revision helps to reduce tax bill deficit to $1.41 trillion
Winners and Losers From GOP Tax Proposals
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The updated House Republican tax bill released Friday raises income tax thresholds at a different pace starting in 2018, a move that would push Americans into higher tax brackets more quickly than the current formula.
The original version of the legislation would have made the change effective in 2023. Currently, the income levels for each bracket threshold are indexed annually based on increases in the consumer price index.