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Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017. State and ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] 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").
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
Individuals are subject to federal graduated tax rates from 10% to 37%. [20] Corporations are subject to a 21% federal rate of tax. Prior to 2018, the effective date of the Tax Cuts and Jobs Act of 2017, corporations were subject to federal graduated rates of tax from 15% to 35%; a rate of 34% applied to income from $335,000 to $15,000,000. [21]
There are seven tax brackets for most ordinary income for the 2023 tax year: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.
The IRS announced tax rates for its seven tax brackets for tax year 2024: 37% – Single income over $609,350 and married couples filing jointly with income over $731,200.