Individuals' 10%, 25%, 28%, 33%, and 35% tax brackets are made permanent; high-income taxpayers taxed at 39.6% rate after 2012
To compute regular tax liability, an individual uses the appropriate tax rate schedule (or IRS-issued income tax tables for taxable income of less than $100,000). The Code provides four (statutory) tax rate schedules based on filing status, i.e., single, married filing jointly/surviving spouse, married filing separately, and head of household. Each schedule is divided into…