Tax Bill's Individual Income Tax Brackets Finally Revealed

(Bloomberg) -- House tax writers unveiled what the individual income tax brackets will be under their proposed legislation -- with a 39.6 percent rate for households making more than $1 million annually.

The 35 percent rate would apply to households making from $260,000 to $1 million, while the 25 percent rate would be for those making from $90,000 to $260,000. The 12 percent rate would apply to incomes from $24,000 to $90,000. Households making less than $24,000 wouldn’t owe any income tax.

To contact the reporters on this story: Erik Wasson in Washington at ewasson@bloomberg.net, Laura Litvan in Washington at llitvan@bloomberg.net.

To contact the editor responsible for this story: Alexis Leondis at aleondis@bloomberg.net.

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