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Revision as of 19:51, 10 April 2025

Despite the actual tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees is a whopping forty-six.3%. Why? Because Social Security benefits are subject to income tax bill. Those affected are Social Security recipients who have enough good fortune (misfortune?) pertaining to being subject to both the 25% income tax bracket and also the 85% inclusion rate for Social Security benefits.

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Also particular references points that achievable that is done in another state, a mobile auto glass installation for example, is subject to that states tax burden. Not your own state.

Bottom Line: The IRS doesn't love your social status. The irs only really cares about one thing- getting cash. You may have dodged the internal revenue service for now, but much like they caught up to Wesley Snipes- they'll catch anywhere up to you. Please feel free in settling your Tax Debts!

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