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The Financial Cliff
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1075243" data-attributes="member: 12570"><p>A good accountant could negate the higher tax rate rather easily.</p><p></p><p>They need to streamline the tax code, eliminate the loopholes and limit deductions.</p><p></p><p>In 2011 my gross pay was $65,495 yet my taxable income was only $48,005. My early estimate for 2012 is gross income of $67,115 and taxable income of $37,434. The difference was my 401k contributions.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1075243, member: 12570"] A good accountant could negate the higher tax rate rather easily. They need to streamline the tax code, eliminate the loopholes and limit deductions. In 2011 my gross pay was $65,495 yet my taxable income was only $48,005. My early estimate for 2012 is gross income of $67,115 and taxable income of $37,434. The difference was my 401k contributions. [/QUOTE]
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