We just released 2018 US tax tables for Goldenseal payroll software. This is our latest release date, ever.
IRS issued their preliminary 2018 tax formulas on Jan 11. About a dozen states base their own tables on the federal ones. As of the 19th, all but Missouri, North Dakota and Vermont managed to catch up. We are planning on another release whenever IRS publishes final numbers (and remaining states publish their info).
Using the 2018 withholding tables, there won’t be much change in payroll withholding amounts, for most employees. The biggest change for most of our users is whether to incorporate, and take advantage of pass-through loopholes.
BTW, tax rates for rich people have really changed over the years. This year’s decrease was relatively minor.
Modern income taxes started after the 16th Amendment in 1913, with a top marginal tax rate of 7%. The top rate jumped to about 70% from 1917 to 1921, then declined to 25% from 1925 to 1931.
Great Depression rates were 63% to 79%. During World War II they gradually increased to 94%, then hung out in the 86% to 91% range until 1963. Through the 1970s they were about 70%. They shrank to 28% during the Reagan 1980s, then ranged between 31% and 39.6% since then.
Dennis Kolva
Programming Director
TurtleSoft.com
