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)
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