Description of Proposals Relating to Middle Income Tax Relief And Economic Growth : Scheduled for Hearings Before the House Committee On Ways And Means On December 17-18, 1991 Jcs-17-91

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$17,000-$41,075 $2,040 plus 25% of the amount over $17,000.
$4 1,075-$ 1,000,000 $8,058.75 plus 28% of the amount over $41,075.
Over $1,000,000 $276,557.75 plus 31% of the amount over $1,000,000.
Trusts and estates $0-$5,450 12 percent of taxable income.
$5,450-$13,500 $654 plus 25% of the amount over $5,450.
$13,500-$1,000,000 $2,666.50 plus 28% of the amount over $13,500.
Over $1,000,000 $303,3549 plus 31% of the amount over $1,000,000.
The bracket thresholds above are expressed at 1990 level
...s and would be adjusted for inflation to 1997 levels.
114 The bill would phase in the new rate structure for taxable years 1992-1996. For example, for calendar year taxpayers, the marginal rate brackets will be the following: For calendar year: [In percent] 1992 1993 1994 1995 1996 1997 14.875 14.375 13.875 13.375 12.875 12 27.875 27.375 26.875 26.375 25.875 25 30.875 30.375 29.875 29.375 28.875 28 31 31 31 31 31 31 Finally, the bill would modify the withholding tables and proce- dures for individuals to reflect the changes it would make to the individual income tax rate structure.


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