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Latest revision as of 15:33, 29 August 2026
Despite the tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, helpful ideas marginal income 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% taxes bracket and the 85% inclusion rate for Social Security benefits.
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Contributing an insurance deductible $1,000 will lower the taxable income for this $30,000 per annum person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 every single year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the!
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