2/15/2024 0 Comments 2020 versus 2021 tax bracketsLast law to change rates was the Jobs and Growth Tax Relief Reconciliation Act of 2003. Last law to change rates was the American Taxpayer Relief Act of 2012. Last law to change rates was the Tax Cuts and Jobs Act of 2017. Rates and Brackets In Nominal Dollars, Income Years 1862-2021 Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Note, that the 2020 figures below are the amounts applicable to the income earned during 2020 and paid in. Below are the 2020-2022 tables for personal income tax rates. This caused the 22 rate bracket for single filer to increase from 81,051 up to 83,551. imposes a progressive income tax where rates increase with income. The inflation adjustment factor for 2022 was 3.1 for example. Federal Individual Income Tax An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. For married couples filing jointly, for tax year 2023 the standard deduction climbs to 27,700. Federal Corporate Income Tax Rates & Brackets Historical U.S. That's up 900 from 2022's 12,950 standard deduction.
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