Tactics For The New Tax HikesAmey Stone
If you haven't yet figured out whether you will owe more income taxes under President Clinton's new budget, try looking at it this way: If you and your spouse do not make at least $180,000 a year, you don't have to worry about higher rates. The new 36% levy kicks in at $140,000 of "taxable income" for couples--that's minus about $40,000 in deductions and exemptions that folks at these levels can usually subtract. To reach the top stated marginal rate of 39.6% at $250,000 in taxable income, you would probably have to earn over $300,000 a year.
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