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:
“High treason, when it is resistance to tyranny here below, has its origin in, and is first committed by, the power that makes and forever re-creates man.”
—Henry David Thoreau (1817–1862)
“Art is good when it springs from necessity. This kind of origin is the guarantee of its value; there is no other.”
—Neal Cassady (1926–1968)
“In the woods in a winter afternoon one will see as readily the origin of the stained glass window, with which Gothic cathedrals are adorned, in the colors of the western sky seen through the bare and crossing branches of the forest.”
—Ralph Waldo Emerson (1803–1882)