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THE UNITED STATES TAX SYSTEM: AN OVERVIEWretroactive to January 1, 2003. 64 The size of the 15 percent tax bracket for filers ofjoint returns was increased to 200 percent of the single filers’ 15 percent bracketamount for 2003 and 2004, to provide marriage penalty tax relief. 65Thus, there are six marginal rates of federal income taxation for individuals:10, 15, 25, 28, 33, and 35 percent. The rate of tax thus, as noted, becomes progressivelygreater as taxable income increases.The individual regular income tax rates for 2004 are as follows: If taxableincomeIs over: But not over: Then regular income tax equals:Married individuals filing joint returnNot over $14,30010% of taxable income$14,301 $58,100 $1,430, plus 15% of the amount over $14,300$58,101 $117,250 $8,000, plus 25% of the amount over $58,100$117,251 $178,650 $22,787.50, plus 28% of amount over $117,250$178,651 $319,100 $39,979.50, plus 33% of amount over $178,650$319,101 $86,328, plus 35% of amount over 319,100Single individualsNot over $7,15010% of taxable income$7,151 $29,050 $715, plus 15% of the amount over $7,150$29,051 $70,350 $4,000, plus 25% of the amount over $29,050$70,351 $146,750 $14,325, plus 28% of the amount over $70,350$146,751 $319,100 $35,717, plus 33% of the amount over $146,750$319,101 $92,592.50, plus 35% of amount over $319,100Heads of householdsNot over $10,20010% of taxable income$10,201 $38,900 $1,020, plus 15% of the amount over $10,200$38,901 $100,500 $5,325, plus 25% of the amount over $38,900$100,501 $162,700 $20,725, plus 28% of the amount over $100,500$162,701 $319,100 $38,141, plus 33% of the amount over $162,700$319,101 $89,753, plus 35% of the amount over $319,100 aaRev. Proc. 2003-85, 2003-49 I.R.B. 1184, § 3.01.A similar tax rate system exists for corporations. These tax rates are as follows:Income tax bracketPercentage tax rate$0–$50,000 15%$50,000–$75,000 25%$75,000–$10 million 34%Over $10 million35% aaIRC § 11(b)(1). These rates are not adjusted for inflation.64 Jobs and Growth Tax Relief Reconciliation Act of 2003, Pub. L. No. 108-27, 108th Cong., 1st Sess. (2003)(JGTRRA), § 105. This change is reflected in IRC § 1(i)(2).65 IRC § 1(f)(8). 46