Bloomberg BNA last week released its projected US inflation-adjusted tax rates for 2014, which include many new amounts pertaining to the American Taxpayer Relief Act of 2012 (ATRA) and the Affordable Care Act (ACA).
Using data from the consumer price index, Bloomberg BNA's projections for 2014 are designed to give tax preparers and advisors a jump-start for tax preparation, year-end estimation, and tax planning. The IRS typically does not release the annual inflation adjustments until later in the fall.
The projections take into account significant changes to the tax code that were made by recent legislation. For example, ATRA instituted a new marginal top tax rate of 39.6 percent for taxpayers with income exceeding an inflation-adjusted threshold. The threshold is expected to begin at $457,600 for married taxpayers filing jointly and $406,750 for unmarried individuals in 2014.
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Source: Jason Bramwell, www.accountingweb.com
