The 2014 federal income tax rates jump from 15% to 25% for single and separate married filers making over $36,900, for joint married filers making over $73,800, and for heads of household making over $49,400. This steep increase is financially debilitating for Americans in these income brackets, and rates need to rise more gradually with increments of 18%, 20%, 23%, and finally 25% as people move closer to the next higher income bracket.
Why is this important?
The American working and middle classes have been hit hard financially over the last decade and need some tax relief - a 10% increase in income tax when moving up from the 15% bracket to the next level is too much money out of the pockets of people who are struggling to make a livelihood. A modification needs to be put into effect before our next tax deadline.
