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Congress Approves Income Tax Rates
Reductions in Individual Income Tax Rates
Extends the 10% bracket. Under current law, the 10% individual income tax bracket expires at the end of 2010. The legislation extends the 10% individual income tax bracket for an additional two years, through 2012.
Extends the 25%, 28%, 33%, and 35% brackets. Under current law, the 25%, 28%, 33%, and 35% individual income tax brackets expire at the end of 2010. Upon expiration, the rates become 28%, 31%, 36%, and 39.6% respectively. The legislation extends the 25%, 28%, 33%, and 35% individual income tax brackets for an additional two years, through 2012.