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The IRS has set many tax deductions and benefits secure for people. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income ascends.

The more you earn, the higher is the tax rate on actual earn. In 2010-you have six tax brackets: 10%, 15%, 25%, 28%, 33%, and 35% - each assigned to bracket of taxable income.

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