A married couple in the top tax bracket has a new baby.Due to the birth of the baby their taxable income will be reduced in 2015 by $4,000.

Question

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In 2015, the personal exemption amount was $4,000 per person, which could reduce taxable income. However, the exemption was phased out for high-income earners, such as those in the top tax bracket, meaning they might not benefit from it.

A Married Couple in the Top Tax Bracket Has a New