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Latest revision as of 02:59, 23 September 2024

The IRS has set many tax deductions and benefits secure for taxpayers. Unfortunately, some taxpayers who are earning a great deal of income can see these benefits phased out as their income increases.

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During the great Depression and World War II, helpful ideas income tax rate rose again, reaching 91% throughout the war; this top rate remained essentially until '64.

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This gives us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us a complete taxable income of $76,952.

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