Revenue Reconciliation Act of 1990
Is Version Of
The legislation imposes a 31 percent marginal tax rate above the 15 and 28 percent marginal tax rate brackets. The phase-outs of the benefits from the 15 percent rate and the personal exemption amounts (creating the so-called "bubble") are repealed. The new 31 percent rate begins at the same level of taxable income as the phase-out range of prior law.