The tax rates within the U.S. will be lower next year, thanks to the completely new Republican tax plan. Currently, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent in addition to 39.6 percent. The completely new rates, which relate to the tax return you’ll file in 2019, will be 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent in addition to 37 percent.
How do these rates compare to different countries?
According to a research paper published by the Federal Reserve Bank of Chicago, “the U.S. will be a relatively lightly taxed country.” In fact, of the 35 OECD countries, the U.S. ranks 32nd in total tax burden, a measurement that will includes income, property in addition to various different taxes.