NEW YORK – House tax writers unveiled what the individual income tax brackets will be under their proposed legislation – with a 39.6 percent rate for households making more than $1 million annually.
The 35 percent rate would apply to households making from $260,000 to $1 million, while the 25 percent rate would be for those making from $90,000 to $260,000. The 12 percent rate would apply to incomes from $24,000 to $90,000. Households making less than $24,000 wouldn’t owe any income tax.
Erik Wasson and Laura Litvan are reporters for Bloomberg News.
