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Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, leading marginal income tax bracket for many retirees is often a whopping fouthy-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% taxes bracket and also the 85% inclusion rate for Social Security benefits.
(iii) Tax payers who're pr...
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