Changes for Individuals and Families Effective for Tax Year 2018 Lower tax rates – Lowers tax rates and sets the rates at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The current tax rates are: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. Child Tax Credit – Increases in the Child Tax Credit to $2,000 from $1,000 and expands the refundable tax portion of the Child Tax Credit from $1,100 to $1,400. Standard deduction – Almost doubles the standard deduction (from $6,350 to $12,000 for ind