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The Little Middle Class Tax That Keeps On Rising

Saturday, August 18, 2012 - 10:54 AM
By Scott Burns

Both parties talk about “helping” the middle class. But will they actually do it? Don’t count on it. One reason to doubt the pious declarations of both parties is the fastest rising source of tax revenue our government has— the tax on middle-income retirees. Yes, I’m talking about the taxation of Social Security benefits. Middle-income earners who save enough to replace most of their pre-retirement earnings can now pay nearly double the income taxes they paid before benefits were taxed.
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