After the U.S. Congress passed temporary tax cuts in 2010, U.S. taxpayers who earned up to $50,000 per year had a lower tax rate. On average, these taxpayers retained 2% more of their income than before the cuts. The 2010 law also gave the same persons a separate $850 credit on their federal tax return.

How much extra money did a typical person earning $50,000 receive due to the federal tax cuts?

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To calculate the extra money a typical person earning 50000 received due to the federal tax cuts we ... View the full answer