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Federal Income Tax Brackets: It’s that time of year again – time that tax experts around the United States start looking at inflation rates and using them to project how the income tax brackets might look for the upcoming year.
Because the Bush-era tax cuts were extended and experts don’t have to wonder whether they will be in effect, the predictions are much easier to make this year than they were in 2011. The main consideration, then, is inflation – which this year has averaged 2.43 percent. That figure is slightly lower than the average for the past 20 years, but is up from 1.48 percent the previous year.
These are the preliminary brackets projected by the Tax Foundation:
|Tax Bracket||Married Filing Jointly||Single|
|10% Bracket||$0 – $17,400||$0 – $8,700|
|15% Bracket||$17,400 – $70,700||$8,700 – $35,350|
|25% Bracket||$70,700 – $142,700||$35,350 – $85,650|
|28% Bracket||$142,700 – $217,450||$85,650 – $178,650|
|33% Bracket||$217,450 – $388,350||$178,650 – $388,350|
|35% Bracket||Over $388,350||Over $388,350|
Other expected changes worthy of mention are the personal and dependency exemption rising to $3,800, the standard deduction for married filing jointly rising to $11,900, and the standard deduction for singles rising to $5,950.
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