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HM Taxes

high circumstantial tax rate!

sad tax   So, when is a 25% marginal tax rate REALLY a 61% tax rate?

When a single man or woman can no longer claim their child, and lose Head-of-Household status...

A client's taxable income went up by $4050 because he could no longer claim his child.  The TAX went up by $2486.

THAT'S 61.3% tax rate on the increased taxable income!!

Go figure!