There was a question today in class about the tax brackets and why at $400k there were 2 rates in such a small range. The thought was that it was because the President's income falls within that range. It does not. The office has had a salary of $400,000 since 2001.
Below is a the 2015 IRS tax brackets for individual filings and married filing jointly. http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/ |