Tax Schedule
                    year        2001 2002
 Personal exemption* $2,900 $3,000
 Standard deduction**
     Single 4,550 4,700
     Married,
joint return		 7,600 7,850
     Married, separate return   3,800 3,925
Tax brackets
   Single person
. . . 10% 0-6,000
         15% 0 - 27,050 15% 6,001-27,950
         27.5% 27,051 - 65,550 27% 27,951-67,700
         30.5% 65,551-136,750 30% 67,701-141,250
         35.5% 136,751-297,350 35% 141,251-307,050
         39.1% over 297,350 38.6% over 307,050
   Joint return
. . . 10% 0-12,000
        15% 0-45,200 15% 12,001-46,700
        27.5% 45,201-109,250 27% 46,701-112,850
        30.5% 109,251-166,500 30% 112,851-171,950
        35.5% 166,501-297,350 35% 171,951-307,050
        39.1% over 297,350 38.6% over 307,050

The new 10% bracket which will be in effect in subsequent years was reflected in 2001 by the tax rebate.

Capital gains:

held one year or less: ordinary income rates

held more than one year: 20%, except 10% for people in the 15% ordinary rate bracket and 25% or 28% in certain cases.

Beginning with 2001 18% and 8% for certain assets held over 5 years.

 

*phased out at higher levels of income

**increased for people over 65 or blind, decreased for certain persons claimed as dependents.