History Of Your Federal Income Tax: Difference between revisions

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Revision as of 22:19, 2 March 2025

Despite the actual tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping fouthy-six.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who have enough good fortune (misfortune?) to get subject to both the 25% income tax bracket as well as the 85% inclusion rate for Social Security benefits.

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