U.S. Federal Income Tax Rates for 2005?

Question

U.S. Federal Income Tax Rates for 2005


A good example of how income taxes can be progressive is provided by the current federal income tax system.

The federal income tax rates for 2005 listed in the table below show, for instance, that the first $7,300 earned by a single individual is taxed at the 10 percent rate. The next $22,400 (up to $29,700) is taxed at 15 percent, and so on. The other categories--married filing jointly or separately, qualifying widows, and heads of households--also have similarly progressive taxation on successively higher ranges of income.

http://www.laits.utexas.edu/txp_media/html/pec/features/0400_01/slide2.html I used to think a Progressive Income Tax would make Rich/Wealthy people poor or make all incomes equal but this is not the goal of Progressive Taxes even when tax rates on high earners here in this nation were over 90% than over 70% the Rich or the Wealthy people were still Rich they still had more money than the average person or citizen they still had money left over anyway I want to ask you all a question if you all don't mind when the tax rates were over 90% then over 70% when a Rich person makes money is the first let's say $7300 taxed at 10% than the next $22400 taxed 15% and so on than $3 Million and over is taxed at 70% and or 74% like we had in the 1970's over Jimmy Carter untill Ronald Reagan dropped the tax rates on the Rich/Wealthy to 50% than to 28% when he became President ?

Answer 1

The Alternative Minimum Tax which is defined as follows was put in place in 2006 to insure that higher earning induviduals and corporations paid some tax,



A type of flat-rate tax that applies to taxpayers who have certain types of income or deductions.

A 26% or 28% rate applies to broadly based income of individuals. A 20% rate applies to corporations. If this tax exceeds the regular income tax, then the alternative minimum tax is to be paid instead of the regular income tax. Originally introduced to assure that those at the highest income levels pay some tax, the AMT now noticeably affects the middle class as well.



Read more: http://www.answers.com/topic/alternative-minimum-tax#ixzz1Qdfk4A1b

Answer 2

The federal income tax brackets (marginal tax rates) for 2005 were: 10%, 15%, 25%, 28%, 33%, 35%. They are the same tax rates that exist now. If you wanted to know the taxable income levels for each bracket, it depends on if you file single, married filing jointly, head of household, or married filing separately. Also keep in mind that exact incomes for each bracket changes with inflation year over year.



This link shows income tax rates/brackets every year from 1944-2011 from the Tax Policy Center.



http://www.taxpolicycenter.org/taxfacts/Content/PDF/individual_rates.pdf

Answer 3

PL CALL I R S WITH YOUR DETAILS