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Latest revision as of 09:41, 26 February 2025
Despite the tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income income tax. Those affected are Social Security recipients who have the good fortune (misfortune?) to get subject to both the 25% tax bracket as well as the 85% inclusion rate for Social Security benefits.
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