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Revision as of 07:10, 30 August 2026
Despite the new tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is a whopping forty six.3%. Why? Because Social Security benefits are subject to income income tax. Those affected are Social Security recipients who purchase the good fortune (misfortune?) to get subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.
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Muni bonds should be owned with your taxable brokerage accounts, and do not in your IRA or 401K accounts because income in those accounts is tax-deferred.
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Car tax also goes for private party sales just about every states except Arizona, Georgia, Hawaii, and Nevada. In order to prevent taxes, may move there and get a brand new car up from the street. Why not in order to a state without irs! New Hampshire, Montana, and Oregon have no vehicle tax at more or less all! So if you don't want to pay car tax, then move to 1 of those states. or try Alaska, but check each municipality first because some local Alaskan governments have vehicle taxes!
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