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of the benefits from the 15 percent rate and the personal exemption amounts (creating the so-called "bubble") are repealed.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.
Harl, Neil E.
"Revenue Reconciliation Act of 1990,"
Agricultural Law Digest: Vol. 1
, Article 1.
Available at: http://lib.dr.iastate.edu/aglawdigest/vol1/iss26/1