A History Of Taxes - Part 1: Difference between revisions
Created page with "One more week until Tax Daytime. Have you filed yours yet? I haven't (probably should onboard that, actually), any time I read in USA Today that roughly 47% of Americans won't even need to worry about [https://www.hometalk.com/search/posts?filter=paying%20federal paying federal] income taxes, I start to wonder if I ought to even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what's the point if half the damn country isn't going to up and..." |
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Latest revision as of 23:41, 7 March 2025
Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees can be a whopping forty-six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who have the good fortune (misfortune?) to get subject to both the 25% tax bracket along with the 85% inclusion rate for Social Security benefits.
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