Difference between revisions of "Tax Rates Reflect Life"

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Latest revision as of 18:24, 22 September 2024

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Contributing an insurance deductible $1,000 will lower the taxable income among the $30,000 annually person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 each person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

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The Tax Reform Act of 1986 reduced suggestions rate to 28%, in the same time raising backside transfer pricing rate from 11% to 15% (in fact 15% and 28% became release two tax brackets).

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