IRS announces income tax changes for 2012
- Personal and dependent exemptions will increase by $100 to $3,800
- Standard deductions have increased in all categories including a $300 increase for married couples filing jointly
- An increase in tax-bracket thresholds
- The maximum earned income tax credit will increase to $5,891 from $5,751
- An increase in the income phase out level for married couples that pay student loan interest
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