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The tiered rates as defined in Section 1 of the Code. As projected for 2011, the basic rate structure of the Federal individual income tax is defined in terms of five tax rates: 15 percent, 28 percent, 31 percent, 36 percent, and 39.6 percent. Because of the design of the Code, a marginal tax rate may not always correspond to the statutory marginal tax rate due to phase-outs, phase-ins, and floors that limit the ability of certain taxpayers to claim certain deductions, credits, or other tax benefits.

Synonyms: statutory marginal income tax rate, statutory marginal income tax rates, statutory marginal tax rates
Synonyms list (a comma-separated list)
statutory marginal income tax rate, statutory marginal income tax rates, statutory marginal tax rates