U.S. IRS Announces Inflation Adjustments for 2016

On 21 October 2015, the U.S. Internal Revenue Service announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. For 2016, the brackets and rates for unmarried individuals (other than surviving spouses and heads of households) are as follows:

• up to USD 9,275 - 10%
• over USD 9,275 up to 37,650 - 15%
• over USD 37,650 up to 91,150 - 25%
• over USD 91,150 up to 190,150 - 28%
• over USD 190,150 up to 413,350 - 33%
• over USD 413,350 up…