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Revision as of 15:17, 15 September 2026
Despite fresh 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 in taxes. Those affected are Social Security recipients who hold the good fortune (misfortune?) to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits.
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The annual deficit for 2009 was 1.5 trillion dollars as well as the national debt is now only about $13 mil. With 60 trillion dollars in unfunded liabilities coming due a next thirty years, brand new needs profits. If anything, the states are in worse shape. It is not quite picture. Moreover, foreign source income is for services performed beyond the U.S. If one resides abroad and is employed by a company abroad, services performed transfer pricing for the company (work) while traveling on business in the U.S.
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