Publisher's Synopsis
Excerpt from Summary of H. R. 3838 (Tax Reform Act of 1986) As Passed by the Senate
The 27 -percent rate begins at taxable income levels of for married individuals filing jointly and surviving spouses, for heads of household, for single individuals, and for married individuals filing separately. (taxable income equals ad justed gross income less personal exemptions and less the standard deduction or itemized deductions.) Beginning in 1988, the taxable income amounts at which the 27-percent rate starts (the break points) will be adjusted for in?ation.
Blended rates for 1987. - For 1987 returns, the bill directs the Treasury Department to prepare blended tax rate schedules; these schedules will incorporate half of the present-law rate structure (as adjusted for in?ation) and half of the new rate structure. The income tax withholding tables published by the irs will be changed effective January 1, 1987, to re?ect the 1987 blended rate schedules.
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