The personal exemption for 2017 remains the same at $4,050. The standard deduction for single filers will increase by $50 and $100 for married couples filing jointly (Table 4). Subscribe Standard Deduction and Personal Exemption Subscribe to get insights from our trusted experts delivered straight to your inbox. Stay informed on the tax policies impacting you. Head of Household Taxable Income Tax Brackets and Rates, 2017 Rate Married Filing Joint Taxable Income Tax Brackets and Rates, 2017 Rate Single Taxable Income Tax Brackets and Rates, 2017 Rate The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and $470,700 and higher for married couples filing jointly. In 2017, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The IRS uses the Consumer Price Index (CPI) to calculate the past year’s inflation and adjusts income thresholds, deduction amounts, and credit values accordingly. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income. Every year, the IRS adjusts more than 40 tax provisions for inflation.
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