What were the tax brackets in 2008?

Ordinary taxable income brackets for use in filing 2008 tax returns due April 15, 2009.

Tax rate Single filers Married filing jointly or qualifying widow/widower
10% Up to $8,025 Up to $16,050
15% $8,026 – $32,250 $16,051 – $65,100
25% $32,551 – $78,850 $65,101 – $131,450
28% $78,851 – $164,550 $131,451 – $200,300

What was the tax free threshold in 2008?

Nominal (before offsets) Current Tax Free Thresholds and First Step Marginal Tax Rates

Financial Year Tax Free Threshold First Step Marginal Tax Rate
2011-12 $6,000 15%
2010-11 $6,000 15%
2009-10 $6,000 15%
2008-9 $6,000 15%

What percentage of income was in 2008?

The overall average federal tax rates of 18.0 percent in 2008 and 17.4 percent in 2009 were the lowest in the 1979–2009 period and were well below the previous low of 19.4 percent in 2003 and the average of 21.0 percent over that period.

What was the standard deduction in 2008?

Standard Deduction Amounts

Year Married filing jointly and surviving spouses Single filers
2008 $10,900 $5,450
2009 $11,400 $5,700
2010 $11,400 $5,700
2011 $11,600 $5,800

What is the tax-free threshold for 2020 2021?

The tax-free threshold is the amount of income earned in a financial year that isn’t taxed. For the 2020 – 21 financial year, the tax-free threshold is $18,200.

What was the reason for the 2008 recession?

The Great Recession, one of the worst economic declines in US history, officially lasted from December 2007 to June 2009. The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic subprime mortgages — led to the economic crisis.

Why do corporations pay so little in taxes?

A provision in the Tax Cuts and Jobs Act allowing companies to immediately write off capital investments—the most extreme version of accelerated depreciation—helped several companies reduce their income tax substantially.

What was the tax rate in Ireland in 2008?

The table below outlines the main tax credits for 2008 with changes, if any, indicated The limit of the exemption from income tax which applies to rent received, where a person rents out a room or rooms in his or her principle private residence, is to be increased from €7,620 to €10,000 The tax rates remain unchanged at 20% and 41%.

What are the personal income tax rates in Ireland?

Personal income tax rates. Filing status. 2021 (EUR) Tax at 20%. Tax at 40%. Single and widowed person: no dependent children. Income up to 35,300. Balance of income over 35,300. Married couple: one income.

What was the PRSI ceiling in Ireland in 2008?

From 1 January 2008 the contribution ceiling for employees’ PRSI is increased from €48,800 to €50,700 Employees earning €352 p.w. or less, will be exempt from PRSI and those earning €500 p.w. or less, will be exempt from the Health Contribution of 2%. For employees earning in excess of €352 p.w. the first €127 p.w. will continue to be free of PRSI.

When did interest rates in Ireland go up?

The current annual ceiling on the amount of interest that can be allowed on a mortgage is being increased with effect from 1 January 2008 for first-time buyers from €8,000/€16,000 single/married to €10,000/€20,000 single/married.