Under the House's plan, there would be four federal income-tax brackets rather than the seven we have today. The brackets proposed are 12%, 25%, 35%, and 39.6%.
The Senate's version would keep seven brackets but at slightly lower rates and adjusted income ranges. The brackets proposed are 10%, 12%, 22%, 24%, 32%, 35%, and 38.5%.
About 70% of Americans claim the standard deduction when filing their taxes, and their paychecks will almost certainly increase — albeit slightly — if tax reform passes. In 2017, the standard deduction for a single taxpayer is $6,350, plus one personal exemption of $4,050.
Both plans would combine those into one larger standard deduction. For single filers under the House plan: $12,200, and for single filers under the Senate plan: $12,000.