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Latest revision as of 16:14, 1 November 2026
Despite the new tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees can be 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?) always be subject to both the 25% tax bracket and also the 85% inclusion rate for kontol Social Security benefits. Congress finally acted on New Year's Day, passing the "fiscal cliff" rules.
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