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Revision as of 21:53, 1 September 2026

Ask ten people a person can discharge tax debts in bankruptcy and shortly get ten different answers. The correct answer usually that you can, but only if certain tests are met up.

Because for the increasing tax rate better brackets, a reduction of taxable income at about a higher bracket saves you more tax than the same reduction inside of a lower group. So let's compare the tax saving of contributing $1000 by an individual with a $30,000 income with what single person with a $100,000.

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