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The IRS has set many tax deductions and benefits in their place for taxpayers. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income ascends.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. income tax at the 39.6% tax rate.

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