He dismisses criticism that the only way Obama's pledge to halve the deficit can be met is by extending the increase in the tax rate to a lower income bracket.

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Defer taxes for too long and you might miss opportunities to realize income in a lower tax bracket.

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In addition, consider the possibility that a lower income in retirement could still put you into a lower tax bracket even though the rates are higher.

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Bush also adopted a new lower tax bracket for the lowest income workers of 10%, reducing their federal income tax rate by 33%.

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Meanwhile, this Emergency Manager is likely to come from the upper income bracket, and therefore pay a lower rate of income tax than you are.

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This will give you an opportunity to convert money from your regular IRA to a Roth IRA while in a lower-than-normal federal and state income-tax bracket, says Mr. Baldwin.

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Senior Obama administration officials said Monday the GOP's plan was a nonstarter, primarily because they said it would actually lower tax rates for those in the top 2% income bracket and was too short on specifics.

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Moreover, the MID is more valuable to itemizing taxpayers in the highest tax bracket than to middle-income taxpayers in lower tax brackets.

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One is to move income from the parent's high tax bracket to the child's lower one.

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