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Read the text below in order to answer questionTax Strategie 8233

Read the text below in order to answer questionTax Strategies for 2003 and Beyond   

        Even the accountants are having a hard time keeping all the

phase-ins and phase-outs straight after the last tax law change (the

Jobs and Growth Tax Relief Reconciliation Act of 2003, which was signed

by President Bush on May 28, 2003). Our Tax Act Timeline can help you

take maximum advantage of income, gift, and estate tax laws.   

        Almost everyone will see a decrease in overall tax paid in 2003.

The ordinary income tax brackets that were due to decrease gradually

over time until 2006 have been accelerated into 2003. The top tax

bracket is now 35%.            Watch out for how those income

tax brackets change over time, however. For example, in 2003- 2004 the

10% bracket applies to $0-$7,000 of income for single filers and

$0-$14,000 for married filing jointly. But in 2005, the brackets shrink

and only $0-$6,000 (single) will quality for the 10% tax and $0-$12,000

for married filing jointly. The brackets change again (back to the

higher levels) in 2008.The author points out

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