9 Things You Need to Know About the Republican Tax Overhaul

1. Income tax rates cut

As reported by The Atlantic, most individuals will see a small decrease in the income tax rate they pay.

The lowest rate will stay at 10 percent (for individuals and joint filers who make $9,525 or less), while the second lowest bracket decreased from 15 percent to 12 percent (for individuals and joint filers who make between $9,526 and 38,700).

Those who are in the third tax bracket will only be taxed 22 percent instead of 25 percent. Meanwhile, those in fourth tax bracket will be taxed 24 percent instead of 28 percent. As for those in the fifth tax bracket, they will be taxed 32 percent instead of 33 percent.

Although the sixth tax bracket maintains a 35 percent rate, the top tax bracket rate has decreased from 39.6 percent for people who earn $426,701 to 37 percent for people who earn $500,000 or more in a year.

To view a chart of the new tax brackets that will take effect on Jan.1, click here.