New tax brackets for 2016

Effective for 2016, the second federal tax bracket will be reduced from 22.0% to 20.5%. A new 33.0% tax bracket will apply to taxable income over $200,000. If your taxable income is over $45,282 and under $216,000 you will receive some benefit from the tax cut. If your taxable income is between $90,564 and $200,000, you will get the full benefit of $679 in savings.