Replies

From the text:

the current seven tax brackets would be consolidated and simplified into four brackets: 12 percent, 25 percent, 35 percent, and 39.6 percent, in addition to an effective fifth bracket at zero percent in the form of the enhanced standard deduction. For married taxpayers filing jointly, the 25-percent bracket threshold would be $90,000, the 35percent bracket threshold would be $260,000, and the 39.6-percent bracket threshold would be $1 million. For unmarried individuals and married individuals filing separately, the bracket thresholds would be half the thresholds for married taxpayers filing jointly, except that the 35percent bracket threshold for unmarried individuals would be $200,000. For single parents filing as a head of a household, the bracket thresholds would be the midpoint between the thresholds for unmarried individuals and married taxpayers filing jointly, except that the 39.6-percent bracket threshold for heads of household would be $500,000. These income levels would be indexed for chained CPI instead of CPI, a slightly different measure of inflation.
For high-income taxpayers, the provision would phase out the tax benefit of the 12-percent bracket, measured as the difference between what the taxpayer pays and what the taxpayer would have paid had the income subject to the 12-percent bracket instead been subject to the 39.6percent bracket. This tax benefit is phased out at a rate of $6 of tax savings for every $100 of adjusted gross income in excess of $1,00,000 (single filers) or $1,200,000 (joint filers). These thresholds are adjusted for chained CPI in tax years after 2017.
The provision would be effective for tax years beginning after 2017.

(Interested because you sound like you’re in just the kind of situation the bill writers wanted to ameliorate.)