History Among The Federal Taxes: Difference between revisions
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Revision as of 08:35, 10 September 2026
Despite the new tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees can be a whopping fouthy-six.3%. Why? Because Social Security benefits are subject to income income tax. Those affected are Social Security recipients who purchase the good fortune (misfortune?) turn out to be subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits. If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500.
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