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Earlier today, there was a short thread on the multi-tiered, tax bracket system we use for federal income taxes:

How do I figure out the value of deductions? For example, if the taxes and insurance of my mortgage payment add to $1,000/mo, and I'm in the 28% marginal tax bracket, then can I conclude that I earn $280/mo in reduced federal income taxes and the net cost of my taxes and insurance is $720/mo?

David Jacobs
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