Here's what goes on though ... I'll use a democrat as an example .. rich people like Democatic Senator John Kerry's wife, Teresa Heinz Kerry, wind up paying 12 percent in taxes because of the Bush tax cuts, while the average working Joe or Jane gets hit at about a 30 or 40 percent clip. It's out of whack ... the rich get richer. Way to go President Bush. .. woohoo. The whole code needs to be revamped. Obama will attempt to do it .. McCain will not.
Britt
http://www.newsweek.com/id/55078
US TAX RATE SCHEDULE
Note: These tax rate schedules are provided for tax planning purposes. To compute your actual income tax, please see the 2008 instructions for Form 1040, 1040A, or 1040EZ as appropriate.
Single Filing Status
(Tax Rate Schedule X)
10% on income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $78,850; plus $4,481.25
28% on the income between $78,850 and $164,550; plus $16,056.25
33% on the income between $164,550 and $357,700; plus $40,052.25
35% on the income over $357,700; plus $103,791.75
Married Filing Jointly or Qualifying Widow(er) Filing Status
(Tax Rate Schedule Y-1)
10% on the income between $0 and $16,050
15% on the income between $16,050 and $65,100; plus $1,605.00
25% on the income between $65,100 and $131,450; plus $8,962.50
28% on the income between $131,450 and $200,300; plus $25,550.00
33% on the income between $200,300 and $357,700; plus $44,828.00
35% on the income over $357,700; plus $96,770.00
Married Filing Separately Filing Status
(Tax Rate Schedule Y-2)
10% on the income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $65,725; plus $4,481.25
28% on the income between $65,725 and $100,150; plus $12,775.00
33% on the income between $100,150 and $178,850; plus $22,414.00
35% on the income over $178,850; plus $48,385.00
Head of Household Filing Status
(Tax Rate Schedule Z)
10% on the income between $0 and $11,450
15% on the income between $11,450 and $43,650; plus $1,145.00
25% on the income between $43,650 and $112,650; plus $5,975.00
28% on the income between $112,650 and $182,400; plus $23,225.00
33% on the income between $182,400 and $357,700; plus $42,755.00
35% on the income over $357,700; plus $100,604.00
How Marginal Tax Rates are Used
Individuals can use the tax rate schedules in a number of ways to help plan their finances. You can use these tax rates to figure out how much tax you will pay on extra income you earn. For a taxpayer in the 25% tax bracket, extra income will be taxed at that rate until the taxpayer reaches the next tax bracket. Alternatively, you can use these tax rates to figure out how much tax you will save by increasing your deductions. For a taxpayer in the 28% tax bracket will save 28 cents in federal tax for every dollar spent on a tax-deductible expense, such as mortgage interest or charity.
Source: Internal Revenue Service, Revenue Procedure 2007-66.
