Conference Agreement

The top tax rate would be set at 37 percent. The standard deduction would be doubled. There would remain seven brackets — 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. Individuals face the 37 percent rate when their incomes exceed $500,000. For joint filers, the threshold is $600,000. For individuals, the 35 percent bracket begins at $200,000, the 32 percent bracket starts at $157,500, the 24 percent bracket kicks in at $82,500, the 22 percent bracket begins at $38,700, the 12 percent bracket starts at $9,525 and the rate is 10 percent for income less than $9,525. For joint filers, the 35 percent bracket begins at $400,000, the 32 percent bracket starts at $315,000, the 24 percent bracket kicks in at $165,000, the 22 percent bracket begins at $77,400, the 12 percent bracket starts at $19,050 and the rate is 10 percent for income less than $19,050.