Origin
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), which is the official name for Title 26 of the United States Code. With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer’s filing status (e.g., “married individuals filing joint returns,” “heads of households").
Each year the United States Internal Revenue Service (IRS) updates rate schedules in accordance with guidelines that Congress established in the IRC. In general, the IRS bases such adjustments on inflation and cost of living increases in the previous year.
Read more about this topic: Rate Schedule (federal Income Tax)
Famous quotes containing the word origin:
“Good resolutions are useless attempts to interfere with scientific laws. Their origin is pure vanity. Their result is absolutely nil. They give us, now and then, some of those luxurious sterile emotions that have a certain charm for the weak.... They are simply cheques that men draw on a bank where they have no account.”
—Oscar Wilde (1854–1900)
“Though I do not believe that a plant will spring up where no seed has been, I have great faith in a seed,—a, to me, equally mysterious origin for it.”
—Henry David Thoreau (1817–1862)
“For, though the origin of most of our words is forgotten, each word was at first a stroke of genius, and obtained currency, because for the moment it symbolized the world to the first speaker and to the hearer. The etymologist finds the deadest word to have been once a brilliant picture.”
—Ralph Waldo Emerson (1803–1882)