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How did the tax cut change the tax brackets?
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- You pay tax as a percentage of your income in layers called tax brackets. As your income goes up, the tax rate on the next layer of income is higher. When your income jumps to a higher tax bracket, you don't pay the higher rate on your entire income. You pay the higher rate only on the part that's in the new tax bracket.www.irs.gov/filing/federal-income-tax-rates-and-brackets
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