History Of Your Federal Income Tax: Difference between revisions

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Latest revision as of 21:13, 26 July 2026

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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is will be approximately three thousand dollars.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some with the changes passed in the 2001 EGTRRA.