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Latest revision as of 08:27, 22 September 2024

Despite fresh tax rate reductions among the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who hold the good fortune (misfortune?) to get subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits.

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