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The U.S. federal income tax system is progressive in that income is taxed in layers, with a higher tax rate applied to each layer. Below are the tax brackets for 2016 and 2017 taxable income. Taxable income is adjusted gross income (AGI) less the standard or itemized deductions, and any personal exemptions.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.