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I've only been reading half the thread so somebody catch me up.
For fantasy sake, let's say I'm making $500k a year. What deductions are available to me that put me in the $50k bracket?
To my knowledge, the only way I can put that personal money into the stock market and get a deduction would be a 401(k), which is capped $15k yearly and is not even available to those that make $500k a year.
I suppose I could invest that money into a personal business, that would allow for a variety of deductions, although my fantasy Fortune 500 company employer would probably not be too crazy about that.
Charitable donations I suppose. I wouldn't really get much monetary benefit out of that.
I must be leaving something out.
I don't particularly feel sorry for this person, I'm simply trying to figure out where $400k worth of deductions come from.
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