Reagan the Tax Cutter?

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Not only did Reagan raise Social Security taxes, he is the one who first started taxing Social Security benefits. For tax year 2011, according to IRS publication 915, you can be taxed on up to 85% of your benefits “if either of the following situations applies to you”:

The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly).

You are married filing separately and lived with your spouse at any time during 2011.

7:27 am on April 14, 2012