Seems unlikely the IRS will be cut with DOGE cuts. More likely is it starts to focus more on specific taxpayers, e.g. higher income and business owners. Especially if the $150k idea from Pres. Trump becomes reality.
The reason most tax strategies are ineffective for the average taxpayer is because the percentages don’t yield sufficient dollars in buying power to make a difference. A 10% tax savings for someone making 40k a year is almost nothing compared to somebody making 4 million a year.
Excluding everyone with income >$150k is an incredible idea. It would probably be easier to make standard deductions $150k that’s a simple way to solve the problem. Then have the brackets be similar from there on up. So income of $155k is only taxed on $5k of income, etc.
@WallStreetApes Easy solution @Enron egg - in her case would pay for itself in about a year, then 9 more years of no bills. Huge savings. I imagine this will become more common
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