Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions
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Revision as of 05:47, 9 October 2026
Despite brand new tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who check out good fortune (misfortune?) to get subject to both the 25% taxes bracket and the 85% inclusion rate for Social Security benefits. Chances are if you are behind in tax filing that are usually documents you may well be missing.
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