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Personal Income Tax

This document outlines the personal income tax structure for 2023, featuring two tax rates: 2.75% for income up to $28,000 for single filers and $56,000 for joint filers, and 6.5% for income exceeding those thresholds. Additionally, taxpayers can benefit from a standard deduction of $22,500 for singles and $45,000 for couples filing jointly. Itemized deductions are available for mortgage interest, property taxes, and charitable contributions, providing clarity on how adjusted gross income (AGI) impacts tax obligations.

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Personal Income Tax

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  1. Personal Income Tax • Two rates: 2.75% up to $28,000 single/ $56,000 joint; 6.5% above those levels • Standard deduction of $22,500 single/ $45,000 joint • Itemized deductions for mortgage interest, property tax, and charitable contributions

  2. Personal Income Tax Change by AGI Class

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