Despite the new tax rate reductions belonging to 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 taxation. Those affected are Social Security recipients who purchase the good fortune (misfortune?) turn out to be subject to both the 25% taxes bracket and the 85% inclusion rate for Social Security benefits.

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