History Within The Federal Tax: Difference between revisions
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Revision as of 10:25, 22 October 2024
Despite the new tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees is really a whopping forty six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who hold the good fortune (misfortune?) pertaining to being subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits.
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