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Latest revision as of 19:22, 18 August 2025


One more week until Tax Entire day. Have you filed yours yet? I haven't (probably should onboard that, actually), and when I read in USA Today that roughly 47% of Americans won't even have to worry about paying federal income taxes, I start to wonder if I should even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what's the point if half the damn country isn't going to up and log off scot-free?

A personal exemption reduces your taxable income so you end up paying lower taxes. You might be even luckier if the exemption brings you a new lower income tax bracket. For the year 2010 it is $3650 per person, equal to last year's amount. That year 2008, the number of was $3,500. It is indexed yearly for accroissement.

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During is the fact Depression and World War II, really income tax rate rose again, reaching 91% through the war; this top rate remained in place until 1964.

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