Learn Precisely How A Tax Attorney Works: Difference between revisions
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Revision as of 04:06, 5 October 2024
Despite the new tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping forty-six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have enough good fortune (misfortune?) end up being subject to both the 25% taxes bracket and also the 85% inclusion rate for Social Security benefits.
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