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06.21.2022 - Torpedo

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The Social Security "Tax Torpedo"
Presented by Greg Geisler, PhD, CPA (Inactive), Indiana University
Greg Geisler

Ten million taxpayers are inside the Social Security benefits “tax torpedo”. This is where if more income is taken, more Social Security benefits are taxable. Such taxpayers can have a marginal federal tax rate of 40.7 percent  or 49.95 percent even though they don’t have very high taxable income.

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