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Revision as of 07:49, 22 September 2024

Despite the tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, leading marginal tax bracket for many retirees is often a whopping forty-six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who have the good fortune (misfortune?) to be subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some of your changes passed in the 2001 EGTRRA.

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