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Taxpayers would also be guaranteed the standard deduction, which was $7,200 last year for a couple filing jointly.
Under the existing tax code, the first $17,400 of taxable income for a couple filing jointly is taxed at 10 percent.
By Summit's calculations, that $250,000 tax increase would apply next year to a couple filing jointly with $5 million in annual income.
A standard deduction works like this: If a couple filing jointly earns $70,000, they deduct $12,600 from their income, adjusting their income to $57,400.
The income phase-out range for a couple filing jointly is $80,000 to $100,000; for single filers, it is half of that.
That income is tax-free for people in the 10 percent and 15 percent tax brackets, meaning taxable income no higher than $35,350 for a single filer in 2013 or $70,700 for a couple filing jointly.
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In New York City, a couple filed suit hours after being denied a marriage license at City Hall.
These fast-track cases may be heard as soon as 30 days after a couple files an application, and at most within 45 days.
In China, meanwhile, a couple filed a lawsuit against the company at the center of the tainted dairy scandal despite efforts by authorities to keep the issue out of the courts.
For example, a spousal I.R.A. may be set up and funded for a spouse who earns little or no income if a couple files a joint return and their modified adjusted gross income is within the phaseout range of $89,000 to $109,000.
If a couple files jointly, their dependent exemptions, as well as their own personal exemptions, start phasing out at an AGI of $206,000 and are eliminated at $328,500.
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