How Does Tax Relief Work: Difference between revisions
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Revision as of 21:23, 16 October 2024
Tax, it is not a dirty four letter word, however for many of people its connotations are far worse than any problem. It's been found that high tax rates generally relate to outstanding social services and high standards of just living. Developed countries, while the tax rate exceeds 40%, usually have free health care, free education, systems to take good care of the elderly and a steeper life expectancy than having lower tax rates.
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Because for this increasing tax rate of upper brackets, a reduction of taxable income with the higher bracket saves you more tax than exactly the reduction at a lower mount. So let's compare the tax saving of contributing $1000 by a single person with a $30,000 income with exactly what a single person with a $100,000.
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