How Does Tax Relief Work: Difference between revisions

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Revision as of 09:49, 16 August 2024

Despite the new tax rate reductions bokep from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is really a whopping forty six.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who have enough good fortune (misfortune?) turn out to be subject to both the 25% income tax bracket along with the 85% inclusion rate for Social Security benefits.

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During the cost Depression and World War II, the top income tax rate rose again, reaching 91% in war; this top rate remained in place until '64.

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