Depending on your salary and filing status, you fall into a specific tax bracket. Each of these brackets are associated with specified tax rates and set the percentage of your gross income that you’ll pay each year. TheIRSrecently updated its information concerning the 2023 tax brackets. So, ...
Prior to the 80s, tax, marginal tax brackets were a lot higher as high as 60, 70% and then back. Previously, it’s been as high as like 94% was the highest marginal tax bracket. So, we’ve been in this lower tax environment for a while, but there’s ...
We divide households into three groups: the top 10%, the middle 40%, and the bottom 50%. The top 10% has seen its cash levels rise relative to debt for most of this century, but this difference widened dramatically during the pandemic. Since the upper income brackets were m...