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2. What Is the Tax Cuts and Jobs Act (TCJA)? - AOL

   www.aol.com/finance/tax-cuts-jobs-act-tcja...

   Many people believe the tax law is heavily skewed toward the wealthy. According to the Tax Policy Center, the top 1% of households will get an average tax break of $60,000 or more in 2025. By ...

3. Here's what it takes to be in the top 1% in your state — plus ...

   www.aol.com/finance/heres-takes-top-1-state...

   2021/22 tax data shows a very wide income range on a ... Bank of America’s 2024 Study of Wealthy Individuals reported that 31% of investors with $3 million in investable assets believe real ...

4. Income tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Income_tax_in_the_United...

   The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal individual tax rates vary from 10% to 37%. [7] Some states and localities impose an income tax at a graduated rate, and some at a flat rate on all taxable income. [8]

5. Tax Cuts and Jobs Act - Wikipedia

   en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act

   This is effectively a tax increase over time, as people move more quickly into higher brackets as their income rises; this element is permanent. [19] [20] The standard deduction nearly doubles, from $12,700 to $24,000 for married couples. For single filers, the standard deduction will increase from $6,350 to $12,000.

6. Taxation in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_in_the_United_States

   The tax gap is the difference between the amount of tax legally owed and the amount actually collected by the government. The tax gap in 2006 was estimated to be $450 billion. [125] The tax gap two years later in 2008 was estimated to be in the range of $450–$500 billion and unreported income was estimated to be approximately $2 trillion. [126]

7. IRS sets higher standard deduction, new tax brackets for 2025

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   The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...

8. Alternative minimum tax - Wikipedia

   en.wikipedia.org/wiki/Alternative_minimum_tax

   Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

9. IRS announces higher standard deduction, new tax ... - AOL

   www.aol.com/irs-announces-higher-standard...

   The standard deduction will go up for 2025 tax returns by $400 from 2024 for single taxpayers and married individuals filing separately. IRS announces higher standard deduction, new tax brackets ...