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Oct. 30 — The top tax rate of 39.6 percent will start at income exceeding $413,200 for single taxpayers and $464,850 for married taxpayers filing jointly for tax year 2015, the IRS said.
The agency issued inflation adjustments for more than 40 tax provisions in Revenue Procedure 2014-61, which includes tax rate schedules. For 2014 filings, the top tax rate started at $406,750 and $457,600, respectively (212 DTR G-2, 11/1/13).
The standard deduction for tax year 2015 will rise to $6,300, from $6,200, for singles and married persons filing separately, and to $12,600, from $12,400, for married couples filing jointly, according to the guidance released Oct. 30 by the Internal Revenue Service.
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