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Revision as of 03:38, 6 August 2026


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

Remember, an individual exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This making you under the marginal tax rate of 25%. So the money it can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, that will be multiplied by two which save $1825.

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Someone making $80,000 yearly is not really making large numbers of coin. The fed's 'take' is too much now. Fees originally started at 1% for the very rich. And already the government is looking to tax you more.

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