No. The Tax Relief Act of 2010 extended the income tax rates currently in effect through 2012. That is, individuals' taxable income for 2011 and 2012 will continue to be subject to six tax brackets, taxed at 10 percent, 15 percent, 25 percent, 31 percent, 33 percent and 35 percent marginal tax rates. Also, the special inflation adjustment rules will apply to the 10 percent tax bracket.
Dan Busby is a certified public accountant, president of the Evangelical Council for Financial Accountability (ECFA), and the author of the Zondervan Clergy Tax & Financial Guide.