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Despite the actual tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees is really a whopping forty-six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who include the good fortune (misfortune?) to get subject to both the 25% tax bracket along with the 85% inclusion rate for Social Security benefits. Contributing an insurance deductible $1,000 will lower the taxable income for the $30,000 yearly person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000).

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