Federal Income Tax Brackets
In 2018 the Trump tax cuts lowered most people’s taxes. The standard deduction was raised to $12,000 per person effectively making it unnessessary to itemize. As of 2020, the standard deduction is $12,400 per person.
Congress has stipulated that in 2026 the tax rates will revert back to the 2017 tax brackets.
In 2026 taxes will revert back to 2017 brackets
