County Auditor and Tax Help
People Background SearchFeatured article (96138 total)The 46.3% Marginal Bracket[27 Jan 2012 | views: 419]
Despite the new tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have the good fortune (misfortune?) to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits. County Auditor -directory |
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