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How Federal Income Tax Brackets Work. Say a married couple, filing jointly, in 2016, had a taxable income of $175,000. Each dollar over $151,900âor $23,100âwould fall into the 28% federal income tax bracket. However, the couples' total federal tax would have been $35,986âjust about 20%, of their adjusted gross income.
1 Currently, our tax system is based on tax brackets: The more you make, the more you pay in taxes. 2  Under the Fair Tax plan, only the amount of income you spend gets taxed. 3  Someone who makes $200,000 and spends $100,000, for example, would pay only 11.5% of their income to taxes. 4  Helping Investments.