Tax Reduction Scheme 2 - Reducing Taxes On W-2 Earners Immediately: Difference between revisions

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Contributing a deductible $1,000 will lower the taxable income on the $30,000 each person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 each year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

Basically, the reward program pays citizens a number of any underpaid taxes the irs recovers. A person receive between 15 and 30 % of the amount transfer pricing the IRS collects, therefore keeps the check.

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