Capital Gain Harvesting

§ 1. Tax imposed(a) Married individuals filing joint returns and surviving spousesThere is hereby imposed on the taxable income of—(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. (b) Heads of householdsThere is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. (c) Unmarried individuals (other than surviving spouses and heads of households)There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,500$3,315, plus 28% of the excess over $22,100. Over $53,500 but not over $115,000$12,107, plus 31% of the excess over $53,500. Over $115,000 but not over $250,000$31,172, plus 36% of the excess over $115,000. Over $250,000$79,772, plus 39.6% of the excess over $250,000. (d) Married individuals filing separate returnsThere is hereby imposed on the taxable income of every married individual (as defined in section 7703) who does not make a single return jointly with his spouse under section 6013, a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $18,45015% of taxable income. Over $18,450 but not over $44,575$2,767.50, plus 28% of the excess over $18,450. Over $44,575 but not over $70,000$10,082.50, plus 31% of the excess over $44,575. Over $70,000 but not over $125,000$17,964.25, plus 36% of the excess over $70,000. Over $125,000$37,764.25, plus 39.6% of the excess over $125,000. (e) Estates and trustsThere is hereby imposed on the taxable income of—(1) every estate, and (2) every trust, taxable under this subsection a tax determined in accordance with the following table: