Annual Taxes - Humor In The Drudgery: Difference between revisions
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Latest revision as of 19:59, 18 October 2026
Despite brand new 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 fouthy-six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who purchase the good fortune (misfortune?) to get subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits. Because for this increasing tax rate of upper brackets, a reduction of taxable income with the higher bracket saves you more tax than gonna do it .
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