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Income Taxes and Tax Rates for Sample Families, 2006

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Publication Date: January 2007

Publisher(s): Tax Policy Center

Author(s): Greg Leiserson

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Tax Policy; Tax Distribution and Economic Trends; Taxes and Social Programs; Taxation of Households

Type: Report

Abstract:

This article examines variations in tax liability and tax rates confronting typical families as income and the number of children change for tax year 2006. Although the examples represent very simple tax situations, they illustrate how hidden taxes and subsidies can make the marginal tax rate an amalgam of different effects. Often, the effective marginal tax rates and average tax rates can vary significantly from the statutory tax rates because of the phase-ins and phase-outs of deductions and credits, the individual alternative minimum tax, progressive tax schedules, and other aspects of our income tax system.