Due to temporary tax cuts in 2010, persons in the U.S. who earned $50,000 per year had a lower tax rate. On average, these perso

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3 years ago

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Due to temporary tax cuts in 2010, persons in the U.S. who earned $50,000 per year had a lower tax rate. On average, these perso

ns retained 2% more of their income than before the cuts, due to the lower rate. The 2010 law also gave the same persons a separate $850 credit on their federal tax return, which means they were allowed to subtract $850 from the amount of taxes they owed. How much extra money did a typical person earning $50,000 receive due to the tax cuts?

Mathematics