Difference between revisions of "Smart Taxes Saving Tips"

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Revision as of 23:09, 10 November 2024

Despite fresh tax rate reductions among the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who purchase the good fortune (misfortune?) always be subject to both the 25% income tax bracket as well as the 85% inclusion rate for Social Security benefits.

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