Difference between revisions of "Tax Rates Reflect Life"

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Latest revision as of 18:55, 23 January 2025

Despite the tax rate reductions for this Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is really a whopping 46.3%. Why? Because Social Security benefits are subject to income tax bill. Those affected are Social Security recipients who purchase the good fortune (misfortune?) to be subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits.

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Proceeds after a refinance are not taxable income, so you are check out approximately $100,000.00 of tax-free income. You've not sold dwelling (which properly taxable income).you've only refinanced it all! Could most people live on the amount of money for in a year's time? You bet they could easily!

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