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Projected 2007 Tax Numbers Based on Inflation

Posted By Jim On 09/24/2006 @ 8:11 am In Government,Taxes | No Comments

Kiplinger’s took a look at the consumer price index released on September 15th for August and crunched some numbers to predict/project how the IRS would adjust the tax brackets and other tax breaks to prevent inflation from invisibly moving folks from bracket to bracket. Remember, these numbers are just projections,

  • Personal exemption – increases to $3400 from $3300 (+$100).
  • Standard deduction -
    • Single – increases to $5350 from $5150 (+200).
    • Married – increases to $10700 from $10300 (+$400)

Projected 2007 Tax Tables:

Up to $7,825 taxed at 10%
$7,826 – $31,850 taxed at 15%
$31,851 to $77,100 taxed at 25%
$77,101 to $160,850 taxed at 28%
$160,851 to $349,750 taxed at 33%
Over $349,750 taxed at 35%

Current 2006 Tax Tables:

Up to $7,550 taxed at 10%
$7,550 – $30,650 taxed at 15%
$30,650 – $74,200 taxed at 25%
$74,200 – $154,800 taxed at 28%
$154,800 – $336,550 taxed at 33%
Over $336,550 taxed at 35%

There are a few other extraneous tax rule predictions too available from the original article [3].


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[3] original article: http://biz.yahoo.com/weekend/2007tax_1.html

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