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Revision as of 03:48, 23 January 2025
Despite the new tax rate reductions of your 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 tax bill. Those affected are Social Security recipients who include the good fortune (misfortune?) to be subject to both the 25% tax bracket as well as the 85% inclusion rate for Social Security benefits.
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