In USA, the 40% tax rate in 2024 applies to various types of income, including:
Taxable income exceeding ₹10 lakh (approximately $12,500) for individuals and Hindu Undivided Families (HUFs), Long-term capital gains from the sale of assets such as stocks, real estate, and other investments,In USA 40 tax bracket 2024is short-term capital gains from the sale of assets held for less than 36 months, Income from other sources, such as interest, rental income, and professional fees, if the total income exceeds the applicable threshold, The specific exemptions and deductions available may vary based on an individual's circumstances, and it is advisable to consult a tax professional for personalized advice.
