<Tr> <Td> 35% </Td> <Td> $424,950--$480,050 </Td> <Td> 35% </Td> <Td> $400,000--$600,000 </Td> </Tr> <Tr> <Td> 39.6% </Td> <Td> $480,050 and up </Td> <Td> 37% </Td> <Td> $600,000 and up </Td> </Tr> <P> Under the law, there are numerous changes to the individual income tax, including changing the income level of individual tax brackets, lowering tax rates, and increasing the standard deductions and family tax credits while the personal exemption and itemized deductions are reduced or eliminated . </P> <P> Most individual income taxes are reduced, until 2025 . The number of income tax brackets remain at seven, but the income ranges in several brackets have been changed and each new bracket has lower rates . These are marginal rates that apply to income in the indicated range as under current law (i.e., prior Public Law 115 - 97 or the Act), so a higher income taxpayer will have income taxed at several different rates . A different inflation measure (Chained CPI or C - CPI) will be applied to the brackets instead of the Consumer Price Index (CPI), so the brackets increase more slowly . This is effectively a tax increase over time, as people move more quickly into higher brackets as their income rises; this element is permanent . </P>

Who gets a tax cut under the tax cuts and jobs act