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Revision as of 12:12, 4 March 2025
The IRS has set many tax deductions and benefits in place for people. Unfortunately, some taxpayers who earn a great deal of income can see these benefits phased out as their income climbs.
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Congress finally acted on New Year's Day, passing the "fiscal cliff" legislation. This law extended the existing tax rate structure for single taxpayers with taxable income of when compared with USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For having higher incomes, the top tax rate was increased to 40.6% These limits are determined before the foreign earned income exemption.
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