In contrast, filers in the next lowest tax bracket, earning adjusted gross income
of $25,000-$49,999, with average investment assets of roughly $67,000, are already donating on average $675 to charity per year, which the Group's calculations suggest is sufficiently generous.
This would be phased out for taxpayers with adjusted gross incomes
between $50,000 and $70,000.
single parents with an adjusted gross income
in excess of $75,000, and married couples filing jointly with an adjusted gross income
exceeding $110,000 cannot take full advantage of this credit
Taxpayers will benefit even further because the capital gains deduction is part of the adjusted gross income
However, the deductions available for such activities are limited, and attributable expenses can be deducted only as miscellaneous itemized deductions to the extent they exceed 2% of the taxpayer's adjusted gross income
By comparison, those reporting dividend income comprised 40 percent of the filers with adjusted gross incomes
of $50,000 to $74,999, 54 percent of the filers in the $75,000 to $99,999 category and 66 percent of those in the $100,000 to $199,999 bracket.
For example, most single people under 65 years old with no dependents would not need to file a state return until they have adjusted gross income
of $11,698 or more.
Single taxpayers can take a $60 credit if they have adjusted gross incomes
of $25,000 or less.
One CBO revenue-raising option would be to eliminate the income tax thresholds on these benefits entirely and require all beneficiaries to include 85% of their benefits in their adjusted gross incomes
Available to patients with household adjusted gross incomes
of up to $75,000 per year, The SAFETY NET Foundation is one of the most generous oncology product donation programs in the industry.
The credit starts to phase out for taxpayers with adjusted gross incomes
of $75,000 and up.
The credit will phase out for individuals with modified adjusted gross incomes
between $125,000 and $145,000; and for those filing jointly with modified adjusted gross incomes
between $225,000 and $245,000.