10 Tax Tips Lower Costs And Increase Income: Difference between revisions
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Latest revision as of 03:17, 22 September 2024
Despite the tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal tax bracket for many retirees is a whopping forty six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who hold the good fortune (misfortune?) to be subject to both the 25% tax bracket and the 85% inclusion rate for Social Security benefits.
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