It's getting very tricky to pay back debt at the moment. Higher interest rates, higher cost of living and higher taxes. Say what? Yes, a lot of our living costs are soaked up by the lower tax brackets and then our incomes above $48,000 are taxed at 30%+. This means you have to make even more to then pay the tax and then clear the debt. Let's explore how the tax brackets not moving since 2010 has set things up to be very tricky when it comes to repaying debt!
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