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Latest revision as of 23:47, 21 September 2024
Despite fresh tax rate reductions of the 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 hold the good fortune (misfortune?) pertaining to being subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.
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The Tax Reform Act of 1986 reduced suggestions rate to 28%, at the same time raising backside rate from 11% to 15% (in fact 15% and 28% became single two tax brackets).
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