"Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#ixzz0sWXU81hS"
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#ixzz0sWXU81hS"
Note: While you never or at least seldom hear it in the news the Bush tax cuts for the rich helped the little people who pay taxes too. (TWW thinks only about half of the people have to pay income tax anyway).
Tax Rate | Married Couples Filing Jointly | Most Single Filers |
10% | Not over $16,750 | Not over $8,375 |
15% | $16,750 to $68,000 | $8,375 to $34,000 |
25% | $68,000 to $137,300 | $34,000 to $82,400 |
28% | $137,300 to $209,250 | $82,400 to $171,850 |
33% | $209,250 to $373,650 | $171,850 to $373,650 |
35% | Over $373,650 | Over $373,650 |
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