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The New Income Tax Rates in 2011
| Individuals, Families, and Small Businesses with Taxable Income in the Following Ranges | Current Statutory Tax Rate in 2010 | Statutory Tax Rate in 2011 |
Up to $8,375 for single filers |
10% |
15% |
Between $8,375 and $34,000 for single filers |
15% |
15% |
Between $34,000 and $82,400 for single filers |
25% |
28% |
Between $82,400 and $171,850 for single filers |
28% |
31%** |
Between $171,850 and $373,650 for single filers |
33% |
36%** |
Over $373,650 for both single filers and married couples |
35% |
39.6%** |
*Because the marriage penalty will be reinstated, this $68,000 amount will drop to $58,200 in 2011, penalizing married couples who file jointly by decreasing their standard deduction, thus taxing them at a higher rate than two individuals whose combined income would equal theirs.
**Because of the reinstatement of additional hidden tax rates such as the personal exemption phase-out (PEP) and the Pease limitation, the tax liability of people within this category could go up an additional 2% - making the top statutory rate effectively 41.6%.
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