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With each new year comes a new batch of tax rules and miscellaneous changes to the laws that taxpayers need to be aware of. There's no denying that the tax code in the United States is incredibly ...
By law, the thresholds for the marginal federal income tax brackets must change each year to keep pace with inflation. For 2010, those brackets are as follows: Individual Taxpayers 10% on taxable ...
There's a lot you can be doing now to reduce the taxes you pay next year, based on tax changes for 2011. But did you know it's not too late to reduce the taxes you pay this year, when you file ...
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.
From 2004 through 2012, the tax cuts increased the after-tax income of the highest-income taxpayers by a far larger percentage than they did for middle- and low-income taxpayers. During 2010 for example, the tax cuts increased the after-tax income of people making over $1 million by more than 7.3%, but increased the after-tax income of the ...
According to the IRS, the top 1% of income earners for 2008 paid 38% of income tax revenue, while earning 20% of the income reported. [113] The top 5% of income earners paid 59% of the total income tax revenue, while earning 35% of the income reported. [113] The top 10% paid 70%, earning 46% and the top 25% paid 86%, earning 67%.
If keeping up with tax changes in the law were a sport, 2017 and 2025 might be considered the Tax Olympics. Recall that during the first year of President-elect Donald Trump’s first term ...
The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five.
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