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Despite brand new tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, leading marginal income tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who have enough good fortune (misfortune?) end up being subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits.

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While I can't tell you the specific impact that SBA debt forgiveness will placed on you, the place of my article is actually just to understand that loan forgiveness does potentially have tax consequences that a borrower should look into so that they can resulted in most informed decision conceivable.

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