Don't Panic If Tax Department Raids You: Difference between revisions

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Latest revision as of 19:42, 27 August 2026

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Congress finally acted on New Year's Day, passing the "fiscal cliff" legislation. This law extended the existing tax rate structure for single taxpayers with taxable income of below USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For individuals with higher incomes, the top tax rate was increased to thirty-nine.6% These limits are determined before a foreign earned income omission.

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