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by tzs
1592 days ago
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> With a 6-12 tax brackets with crazy amount of deductions, I need to [list of 5 steps] None of your steps are made more complicated by more brackets or less complicated by fewer brackets. You determine your taxable income (the complicated part), then lookup that taxable income in the tax tables (simple). If the taxable income is low enough, there is a table with a large number of entries that each cover a small enough range that you don't even have to do any computation. You just find the line that covers your taxable income and the table tells you the tax. If your income is too high for that table you have to use a smaller table with entries that cover larger ranges. That table currently has 4 entries. You find the row whose range includes your taxable income, and calculating your tax involves a multiplication and a subtraction--which is just as much work as calculating your tax under your proposed two bracket system for people whose income is high enough to be in the second bracket. |
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