{ "id": "RL34498", "type": "CRS Report", "typeId": "RL", "number": "RL34498", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source_dir": "crsreports.congress.gov", "title": "Federal Individual Income Tax Brackets, Standard Deduction, and Personal Exemption: 1988 to 2024", "retrieved": "2024-02-21T04:03:42.653387", "id": "RL34498_30_2024-01-23", "formats": [ { "filename": "files/2024-01-23_RL34498_d5af9922466c27eae3a563e5325b91b2f4b14f06.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/RL/RL34498/30", "sha1": "d5af9922466c27eae3a563e5325b91b2f4b14f06" }, { "format": "HTML", "filename": "files/2024-01-23_RL34498_d5af9922466c27eae3a563e5325b91b2f4b14f06.html" } ], "date": "2024-01-23", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "RL", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=RL34498", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "Federal Individual Income Tax Brackets, Standard Deduction, and Personal Exemption: 1988 to 2024", "retrieved": "2024-02-21T04:03:42.652065", "id": "RL34498_28_2022-11-17", "formats": [ { "filename": "files/2022-11-17_RL34498_34ffc75715949c17085c25a51144fcf4af05d337.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/RL/RL34498/28", "sha1": "34ffc75715949c17085c25a51144fcf4af05d337" }, { "format": "HTML", "filename": "files/2022-11-17_RL34498_34ffc75715949c17085c25a51144fcf4af05d337.html" } ], "date": "2022-11-17", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "RL", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=RL34498", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "Federal Individual Income Tax Brackets, Standard Deduction, and Personal Exemption: 1988 to 2024", "retrieved": "2024-02-21T04:03:42.650951", "id": "RL34498_26_2021-12-06", "formats": [ { "filename": "files/2021-12-06_RL34498_4f38f7b34a1d3e56fd457f7fba2713334255b0f4.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/RL/RL34498/26", "sha1": "4f38f7b34a1d3e56fd457f7fba2713334255b0f4" }, { "format": "HTML", "filename": "files/2021-12-06_RL34498_4f38f7b34a1d3e56fd457f7fba2713334255b0f4.html" } ], "date": "2021-12-06", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "RL", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=RL34498", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "Federal Individual Income Tax Brackets, Standard Deduction, and Personal Exemption: 1988 to 2024", "retrieved": "2024-02-21T04:03:42.649617", "id": "RL34498_24_2021-02-16", "formats": [ { "filename": "files/2021-02-16_RL34498_359914dac5fdd994aa580de1ec7510dc33902085.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/RL/RL34498/24", "sha1": "359914dac5fdd994aa580de1ec7510dc33902085" }, { "format": "HTML", "filename": "files/2021-02-16_RL34498_359914dac5fdd994aa580de1ec7510dc33902085.html" } ], "date": "2021-02-16", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "RL", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=RL34498", "type": "CRS Report" }, { "source": "EveryCRSReport.com", "id": 591130, "date": "2019-02-08", "retrieved": "2019-12-20T20:01:28.461151", "title": "Individual Income Tax Rates and Other Key Elements of the Federal Individual Income Tax: 1988 to 2019 Tax Years", "summary": "Statutory individual income tax rates are the tax rates that apply by law to various amounts of taxable income. Statutory rates form the basis of marginal effective and average effective tax rates, which most economists believe have a greater impact on the economic behavior of companies and individuals than do statutory rates. Marginal effective rates capture the net effect of special tax provisions on statutory rates. They differ from average effective rates, which measure someone\u2019s overall income tax burden.\nCurrent statutory and effective individual tax rates are the result of the Tax Reform Act of 1986 (TRA86; P.L. 99-514) and several tax laws that have been enacted since then. Of particular importance among the latter are the Omnibus Budget Reconciliation Act of 1990 (OBRA90; P.L. 101-508), the Omnibus Budget Reconciliation Act of 1993 (OBRA93; P.L. 103-66), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUC; P.L. 111-312), the American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240), and the tax rate changes contained in the 2017 tax revision (P.L. 115-97). TRA86 altered the income tax rate structure. EGTRRA established what are referred to as the Bush-era tax cuts for individuals. TRUC extended those cuts for another two years, through 2012. ATRA permanently extended the Bush-era tax rates for taxpayers with taxable incomes below $400,000 for single filers and $450,000 for joint filers but reinstated the 39.6% top rate established by OBRA93 for taxpayers with taxable incomes equal to or above those amounts. And P.L. 115-97 lowered individual tax rates for all income groups except those subject to the 10% and 35% brackets under previous law. \nOrdinary income is taxed at seven statutory individual income tax rates, from 2018 to 2026: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. (Starting in 2026, these rates will revert to their levels in 2017.) Income from long-term capital gains and dividends is taxed at 0% for single filers with capital gains below $39,375 (below $78,750 for joint filers), 15% for single filers with capital gains between $39,375 and $434,550 (between $78,750 and $488,850 for joint filers), and 20% for single filers with capital gains above $434,550 (above $488,850 for joint filers). Since 2013, a 3.8% tax has been imposed on the lesser of net investment income received by individuals, estates, or trusts, or the amount of their modified adjusted gross incomes above $250,000 for joint filers and $125,000 for single filers. In addition, the individual alternative minimum tax (AMT), which functions like a separate income tax in that its rate structure is narrower and tax base broader than those of the regular income tax, applies to income above exemption amounts in 2019 of $111,700 for joint filers and $71,700 for single filers; the AMT taxes income at two rates: 26% and 28%.\nTax rates and the income brackets to which they apply are not the only elements of the individual income tax that determine the tax liabilities of taxpayers. Personal exemptions, exclusions, deductions, credits, and certain other elements have an effect as well. Some of these elements are indexed for inflation. Congress added annual indexation to the individual income tax in 1981, using the Consumer Price Index for All Urban Consumers. Such a mechanism helps prevent tax increases and unintended shifts in the distribution of the tax burden that are driven by inflation alone. The indexed elements are tax rate brackets, personal exemptions and their phaseout threshold, standard deductions, the itemized deduction limitation threshold, and the exemption amounts for the AMT. Starting in 2018, these items are indexed for inflation with the Chained Consumer Price Index for All Urban Consumers.\nThis report summarizes the tax brackets and other key elements of the individual income tax that help determine taxpayers\u2019 marginal and average effective tax rates going back to 1988. It will be updated to reflect indexation adjustments and changes in the taxation of individual income.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/RL34498", "sha1": "c877613428aeeb94a87cef0f01f144ddc96d05a6", "filename": "files/20190208_RL34498_c877613428aeeb94a87cef0f01f144ddc96d05a6.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/RL34498", "sha1": "f61a91cf224494c01dfe756810dab05dc00a6ea3", "filename": "files/20190208_RL34498_f61a91cf224494c01dfe756810dab05dc00a6ea3.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 585117, "date": "2018-02-12", "retrieved": "2018-09-13T22:40:05.297097", "title": "Individual Income Tax Rates and Other Key Elements of the Federal Individual Income Tax: 1988 to 2017", "summary": "Statutory individual income tax rates are the tax rates that apply by law to various amounts of taxable income. Statutory rates form the basis of marginal effective and average effective tax rates, which most economists believe have a greater impact on the economic behavior of companies and individuals than do statutory rates. Marginal effective rates reflect the net effect of special tax provisions on statutory rates. They differ from average effective rates, which measure someone\u2019s overall tax burden.\nCurrent statutory and effective individual tax rates are the result of the Tax Reform Act of 1986 (TRA86; P.L. 99-514) and several tax laws that have been enacted since 1986. Of particular importance among the latter are the Omnibus Budget Reconciliation Act of 1990 (OBRA90; P.L. 101-508), the Omnibus Budget Reconciliation Act of 1993 (OBRA93; P.L. 103-66), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUC; P.L. 111-312), and the American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240). TRA86 altered the income tax rate structure. EGTRRA established what are referred to as the Bush-era tax cuts for individuals. TRUC extended those cuts for another two years, through 2012. ATRA permanently extended the Bush-era tax rates for taxpayers with taxable incomes below $400,000 for single filers and $450,000 for joint filers but reinstated the 39.6% top rate established by OBRA93 for taxpayers with taxable incomes equal to or above those amounts. \nOrdinary income is taxed at seven statutory individual income tax rates in the 2017 tax year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. Income from long-term capital gains and dividends is taxed at 0% for individuals subject to the 15% tax bracket; 15% for individuals subject to the 25%, 28%, 33%, or 35% brackets; and 20% for taxpayers taxed at 39.6%. In addition, since 2013, a 3.8% tax has been imposed on the lesser of net investment income received by individuals, estates, or trusts, or the amount of their modified adjusted gross incomes above $250,000 for joint filers and $125,000 for single filers. In addition, the individual alternative minimum tax (AMT), which functions like a separate income tax in that its rate structure is narrower and tax base broader than those of the regular income tax, applies to income above exemption amounts of $84,500 for joint filers and $54,300 for single filers in 2017; AMT income is taxed at 26% and 28%.\nTax rates and the income brackets to which they apply are not the only elements of the individual income tax that determine the tax liabilities of taxpayers. Personal exemptions, exclusions, deductions, credits, and certain other elements have an effect as well. \nSome of these elements are indexed for inflation. Congress added annual indexation to the individual income tax in 1981. Such a mechanism helps prevent tax increases and unintended shifts in the distribution of the tax burden driven by inflation alone. The indexed elements are tax rate brackets, personal exemptions and their phaseout thresholds, standard deductions, the itemized deduction limitation threshold, and the AMT exemption amounts. \nThis report summarizes the tax brackets and other key elements of the individual income tax that help determine taxpayers\u2019 marginal and average effective tax rates going back to 1988. It is updated to reflect indexation adjustments and changes in tax law.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RL34498", "sha1": "d67265655f5d892c7f3867e059542c738ac68238", "filename": "files/20180212_RL34498_d67265655f5d892c7f3867e059542c738ac68238.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RL34498", "sha1": "986b48f79c580669b9cb44fb7a8f3874f809abbc", "filename": "files/20180212_RL34498_986b48f79c580669b9cb44fb7a8f3874f809abbc.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 458552, "date": "2016-11-04", "retrieved": "2017-02-03T19:18:31.722385", "title": "Individual Income Tax Rates and Other Key Elements of the Federal Individual Income Tax: 1988 to 2017", "summary": "Statutory individual income tax rates are the tax rates that apply by law to various amounts of taxable income. Statutory rates form the basis of marginal effective and average effective tax rates, which most economists believe have a greater impact on the economic behavior of companies and individuals than do statutory rates. Marginal effective rates reflect the net effect of special tax provisions on statutory rates. They differ from average effective rates, which measure someone\u2019s overall tax burden.\nCurrent statutory and effective individual tax rates are the result of the Tax Reform Act of 1986 (TRA86; P.L. 99-514) and several tax laws that have been enacted since 1986. Of particular importance among the latter are the Omnibus Budget Reconciliation Act of 1990 (OBRA90; P.L. 101-508), the Omnibus Budget Reconciliation Act of 1993 (OBRA93; P.L. 103-66), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUC; P.L. 111-312), and the American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240). TRA86 altered the income tax rate structure. EGTRRA established what are referred to as the Bush-era tax cuts for individuals. TRUC extended those cuts for another two years, through 2012. And ATRA permanently extended the Bush-era tax rates for taxpayers with taxable incomes below $400,000 for single filers and $450,000 for joint filers but reinstated the 39.6% top rate established by OBRA93 for taxpayers with taxable incomes equal to or above those amounts. \nThere are seven statutory individual income tax rates in 2017 for ordinary income: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. Income from long-term capital gains and dividends is taxed at 0% for individuals subject to the 15% tax bracket; 15% for individuals subject to the 25%, 28%, 33%, or 35% brackets; and 20% for taxpayers taxed at 39.6%. Since 2013, a 3.8% tax has been imposed on the lesser of net investment income received by individuals, estates, or trusts, or the amount of their modified adjusted gross incomes above $250,000 for joint filers and $125,000 for single filers. In addition, the individual alternative minimum tax (AMT), which functions like a separate income tax in that its rate structure is more compressed and tax base wider than those of the regular income tax, applies to income above exemption amounts of $84,500 for joint filers and $54,300 for single filers in 2017, at rates of 26% and 28%.\nTax rates and the income brackets to which they apply are not the only elements of the individual income tax that determine the tax liabilities of taxpayers. Personal exemptions, exclusions, deductions, credits, and certain other elements have an effect as well. \nSome of these elements are indexed for inflation. Congress added annual indexation to the individual income tax in 1981. Such a mechanism helps prevent tax increases and unintended shifts in the distribution of the tax burden driven by inflation alone. The indexed elements are tax rate brackets, personal exemptions and their phaseout thresholds, standard deductions, the itemized deduction limitation threshold, and the AMT exemption amounts. \nThis report summarizes the tax brackets and other key elements of the individual income tax that help determine taxpayers\u2019 marginal and average effective tax rates going back to 1988. It is updated annually to reflect the most recent indexation adjustments and any changes in tax law.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RL34498", "sha1": "c735fa6e6945706ec97707cba29cdc353d38d9e6", "filename": "files/20161104_RL34498_c735fa6e6945706ec97707cba29cdc353d38d9e6.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RL34498", "sha1": "c4d1016d8b92d47fe3c4bdfcbb6c9f08b003e9be", "filename": "files/20161104_RL34498_c4d1016d8b92d47fe3c4bdfcbb6c9f08b003e9be.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 441886, "date": "2015-05-24", "retrieved": "2016-04-06T19:01:14.070195", "title": "Individual Income Tax Rates and Other Key Elements of the Federal Individual Income Tax: 1988 to 2014", "summary": "Statutory individual income tax rates are the tax rates that apply by law to various amounts of taxable income. Statutory rates form the basis of marginal and average effective tax rates, which most economists believe have a greater impact on the economic behavior of companies and individuals than statutory rates. Marginal effective rates reflect the net effect of special tax provisions on statutory rates. They are to be distinguished from average effective rates, which measure someone\u2019s tax burden.\nCurrent statutory and effective individual tax rates are the result of the Tax Reform Act of 1986 (TRA86; P.L. 99-514) and several tax laws that have been enacted since 1986. Of particular importance among the latter are the Omnibus Budget Reconciliation Act of 1990 (OBRA90; P.L. 101-508), the Omnibus Budget Reconciliation Act of 1993 (OBRA93; P.L. 103-66), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUC; P.L. 111-312), and the American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240). TRA86 made major changes in the income tax rate structure. EGTRRA established what are referred to as the Bush-era tax cuts for individuals. TRUC extended those cuts for another two years, through 2012. And ATRA permanently extended the Bush-era tax rates for taxpayers with taxable incomes below $400,000 for single filers and $450,000 for joint filers but reinstated the 39.6% top rate established by OBRA93 for taxpayers with taxable incomes equal to or above those amounts. \nThere were seven statutory individual income tax rates in 2014 for ordinary income: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. Income from long-term capital gains and dividends is taxed at 0% for individuals subject to the 15% tax bracket; 15% for individuals subject to the 25%, 28%, 33%, or 35% brackets; and 20% for taxpayers taxed at 39.6%. Starting in 2013, a 3.8% tax was imposed on the lesser of net investment income received by individuals, estates, or trusts, or the amount of their modified adjusted gross incomes above $250,000 for joint filers and $125,000 for single filers. In addition, the individual alternative minimum tax (AMT), which functions like a separate income tax in that its rate structure is more compressed and tax base wider than those of the regular income tax, taxed income above exemption amounts of $82,100 for joint filers and $52,800 for single filers in 2014 at rates of 26% and 28%.\nTax rates and the income brackets to which they apply are not the only elements of the individual income tax that determine the tax liabilities of taxpayers. Personal exemptions, exclusions, deductions, credits, and certain other elements have an effect as well. \nSome of these elements are indexed for inflation. Congress added annual indexation to the individual income tax in 1981. Such a mechanism helps prevent tax increases and unintended shifts in the distribution of the tax burden driven by inflation alone. The indexed elements are tax rate brackets, personal exemptions and their phaseout thresholds, standard deductions, the itemized deduction limitation threshold, and the AMT exemption amounts. \nThis report summarizes the tax brackets and other key elements of the individual income tax that help determine taxpayers\u2019 marginal and average effective tax rates going back to 1988. It is updated annually to reflect the most recent indexation adjustments and any statutory changes.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RL34498", "sha1": "60116d7b78b342be7fa500972c570692ddbf3e23", "filename": "files/20150524_RL34498_60116d7b78b342be7fa500972c570692ddbf3e23.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RL34498", "sha1": "9924b5707e7e3398977201bc9ff2412134de50ce", "filename": "files/20150524_RL34498_9924b5707e7e3398977201bc9ff2412134de50ce.pdf", "images": null } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc808251/", "id": "RL34498_2013Feb01", "date": "2013-02-01", "retrieved": "2016-03-19T13:57:26", "title": "Individual Income Tax Rates and Other Key Elements of the Individual Income Tax: 1988 To 2013", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20130201_RL34498_e4c6c15bae2795cd2234466e2149d6e353d2afc0.pdf" }, { "format": "HTML", "filename": "files/20130201_RL34498_e4c6c15bae2795cd2234466e2149d6e353d2afc0.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc811997/", "id": "RL34498_2008Oct22", "date": "2008-10-22", "retrieved": "2016-03-19T13:57:26", "title": "Statutory Individual Income Tax Rates and Other Elements of the Tax System: 1988 through 2009", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081022_RL34498_e4eed99f473d04623d6771a8545ebbc0b614938a.pdf" }, { "format": "HTML", "filename": "files/20081022_RL34498_e4eed99f473d04623d6771a8545ebbc0b614938a.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc94146/", "id": "RL34498_2008May21", "date": "2008-05-21", "retrieved": "2012-07-24T12:39:36", "title": "Statutory Individual Income Tax Rates and Other Elements of the Tax System: 1988 through 2008", "summary": "This report summarizes information about the tax brackets and other key elements of the tax system that determine taxpayer's statutory marginal tax rate. Such elements include tax brackets, exemptions, standard deductions, etc. Statutory individual income tax rates, also referred to as \u201cstatutory marginal tax rates,\u201d are the rates of tax applicable to the last (marginal) increment of taxable income. Statutory rates play an important role in determining the real marginal tax rates, which affect taxpayers' economic behavior.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20080521_RL34498_84e590b734a7b764838de7a2e0f9a2cafa477adc.pdf" }, { "format": "HTML", "filename": "files/20080521_RL34498_84e590b734a7b764838de7a2e0f9a2cafa477adc.html" } ], "topics": [ { "source": "LIV", "id": "Taxation", "name": "Taxation" }, { "source": "LIV", "id": "Tax rates", "name": "Tax rates" }, { "source": "LIV", "id": "Taxpayers", "name": "Taxpayers" } ] } ], "topics": [ "Economic Policy" ] }