The number of seniors having to pay taxes on their Social Security benefits is rising, and retirees shouldn't underestimate the effect of those taxes on the money they have to live on.
That's according to The Senior Citizens League, which cited statistics from the Congressional Budget Office showing that in 2005, 39 percent of Social Security beneficiaries, or about 16.9 million people, were affected by the taxation of benefits.
Now, however, that number has grown to 56 percent, according to a survey by TSCL, which estimated that those who had to pay taxes on a portion of their Social Security benefits during the tax season that ended April 15 now totals about 30 million people.
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