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Reply to "understanding the tax impact of the standard deduction"
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[quote=Anonymous][quote=Anonymous]I don't have the tables in front of me and I don't feel like googling [b]The tax is progressive. Even if you exceed a threshold in income, you still have more money than if you did not exceed the threshold. There is no incentive in this case we are discussing to not earn income above a certain dollar amount.[/b] [/quote] Agree with this. ^ The big question for higher income taxpayers is generally whether to take the standard deduction or itemize. For most people that boils down to whether or not you have a home mortgage and pay significant state and/or local taxes. [/quote]
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