Republicans release the Tax Cuts and Jobs Act

Speaker of the House Paul Ryan.
(Image credit: Getty Images)

House Republicans released their Tax Cuts and Jobs Act on Thursday, a tax reform proposal that includes new tax brackets and rates, The Wall Street Journal reports.

The proposal would not change the tax rate for married Americans making more than a million dollars, which is currently at 39.6 percent. Married Americans making up to $90,000 would pay 12 percent, which could potentially mean they pay more; under current law, married couples making less than $18,650 only pay 10 percent, but couples making up to $75,900 pay 15 percent. The GOP additionally proposed that married couples making $260,000 pay 25 percent, and American families making up to $1 million, 35 percent.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.