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1 Kyle Pomerleau, The 2014 Tax Brackets 1 (2013)

handle is hein.taxfoundation/taxfaaia0001 and id is 1 raw text is: TAXf% FOUNDATION November 27, 2013 No. 404 FicalFc The 2014 Tax Brackets By Kyle Pomerleau Introduction Every year, the IRS adjusts more than forty 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 2014, the income limits for all brackets and all filers will be adjusted for inflation and will be as follows (Table 1).1 The top marginal income tax rate of 39.6 percent will hit taxpayers with an adjusted gross income of $406,751 and higher for single filers and $457,601 and higher for married filers. Table I. 2014 Taxable Income Brackets and Rates Rate Single Filers Married joint Filers 10% $0 to $9,075 $0 to $18,150 15% $9,076 to $36,900 $ 18, 15 I to$73,800 25% $36,90 1 to $89,350 $73,80 1 to $148,850 28% $89,35 I to $ 186,350 $ 148,851 to $226,850 33% $ 186,351 to $405, 100 $226,851 to $405, 100 35% $405, 10 1 to 406,750 $405, 101 to 457,600 39.6% $406,751+ $457,601+ Source: Internal Revenue Service Head of Household Filers $0 to $12,950 $ 12,951 to $49,400 $49,40 1 to $ 127,550 $ 127,55 I to $206,600 $206,60 1 to $405, 100 $405, 10 1 to $432,200 $432,201 + 1 Internal Revenue Service, IRS Revenue Procedure 2013-35, in Internal Revenue Bulletin 2013-47, Nov. 18, 2013, http://w-Avx-irs ov/pub/irs-drop/r 3-a5,pdf. All following charts and tables derive data from this document.

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