Adjusted Tax Rate Table Announced

The Internal Revenue Service today announced inflation- adjusted tax rate tables for tax years beginning in 1990. These tax rates will affect 1990 tax returns filed in 1991.

The Tax Reform Act of 1986 provides for this adjustment as a benefit for taxpayers so that inflation will not result in tax increases.

The 1990 tax tables are:

MARRIED INDIVIDUALS FILING JOINT RETURNS 
& SURVIVING SPOUSES

     If Taxable Income Is:     The Tax Is:
     Not Over $32,450          15% of the taxable income
     Over $32,450              $4,867.50 plus 28% of the
                               excess over $32,450

HEADS OF HOUSEHOLD

     If Taxable Income Is:     The Tax Is:
     Not Over $26,050          15% of the taxable income
     Over $26,050              $3,907.50 plus 28% of the
                               excess over $26,050

UNMARRIED INDIVIDUALS (OTHER THAN SURVIVING 
SPOUSES & HEADS OF HOUSEHOLDS)

     If Taxable Income Is:     The Tax Is:
     Not Over $19,450          15% of the taxable income
     Over $19,450              $2,917.50 plus 28% of the
                               excess over $19,450

MARRIED INDIVIDUALS FILING SEPARATE RETURNS

     If Taxable Income Is:     The Tax Is:
     Not over $16,225          15% of the taxable income
     Over $16,225              $2,433.75 plus 28% of the
                               excess over $16,225.

ESTATES AND TRUSTS

     If Taxable Income Is:     The Tax Is:
     Not over $5,450           25% of the taxable income
     Over $5,450               $817.50 plus 28% of the
                               excess over $5,450.

The IRS will issue a revenue procedure shortly containing these tax rate tables as well as the personal exemption amount, the standard deduction amounts and earned income credit amounts as adjusted for inflation.

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