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1 Amir El-Sibaje, 2018 Tax Brackets 1 (2017)

handle is hein.taxfoundation/taxbcks0001 and id is 1 raw text is: 2018 Tax Brackets FISCAL FACT No. 567 Nov. 2017 The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization. @2017 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 Amir EI-Sibaie Analyst Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called bracket creep. This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income. The IRS uses the Consumer Price Index (CPI) to calculate the past year's inflation and adjusts income thresholds, deduction amounts, and credit values accordingly.' Income Tax Brackets and Rates In 2018, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $426,700 and higher for single filers and $480,050 and higher for married couples filing jointly. TABLE 1. Table 1. Unmarried Individuals, Tax Brackets and Rates, 2018 Rate Taxable Income Bracket Tax Owed 10% Not over $9,525 10% of the taxable income 15% $9,525 to $38,700 $952.50 plus 15% of the excess over $9,525 25% $38,700 to $93,700 $5,328.75 plus 25% of the excess over $38,700 28% $93,700 to $195,450 $19,078.75 plus 28% of the excess over $93,700 33% $195,450 to $424,950 $47,568.75 plus 33% of the excess over $195,450 35% $424,950 to $426,700 $123,303.75 plus 35% of the excess over $424,950 39.6% Over $426,700 $123,916.25 plus 39.6% of the excess over $426,700 202.464.6200 taxfoundation.org taxounatn~rg1 https://www.irs.gov/pub/irs-drop/rp-17-58.pdf

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