Details Of 2010 Federal Income Taxes: Difference between revisions
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Revision as of 13:02, 20 September 2024
Despite the tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is really a whopping forty six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who purchase the good fortune (misfortune?) turn out to be subject to both the 25% tax bracket and the 85% inclusion rate for Social Security benefits.
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