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Revision as of 17:25, 17 September 2024
Despite fresh tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, tips for sites marginal income tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income tax bill. Those affected are Social Security recipients who have enough good fortune (misfortune?) to get subject to both the 25% taxes bracket and the 85% inclusion rate for Social Security benefits.
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