if the taxpayer’s total income exceeded certain thresholds.
These threshholds, 25K for singles; 32K for marrieds, were in place when I entered the tax prep industry in the late '80's. Very few retired folks hit them.
Today they are STILL 25/32, and almost ALL hit them. As an aside, Slick Willy added another 35% in the '90's.
These threshholds, 25K for singles; 32K for marrieds, were in place when I entered the tax prep industry in the late '80's. Very few retired folks hit them.
Today they are STILL 25/32, and almost ALL hit them. As an aside, Slick Willy added another 35% in the '90's.