Can I Wipe Out Tax Debt In Bankruptcy: Difference between revisions

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Because belonging to the increasing tax rate of upper brackets, a reduction of taxable income within the higher bracket saves you more tax than exactly the same reduction inside of a lower range. So let's compare the tax saving of contributing $1000 by a single person with a $30,000 income with a single person with a $100,000.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. income tax at the 39.6% tax rate.

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