The Social Security tax that taxes SS benefits!!

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tooldtocare

tooldtocare

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Mar 23, 2014
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The Social Security tax that taxes SS benefits!!

​
I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.
I have to pay an income tax on my SS benefits !!!
This practice must STOP!!!
Taxing me on my SS tax benefits is a DOUBLE TAX!!!
We must get together and STOP this double tax !!​
Do you agree ?


(:-
 
The social security program is the most successful government program ever created. It is so successful that our government has been borrowing from the Social Security trust fund to the tune of $3,000.000,000.000,000 dollars. That's three (3) trillion dollars and still today our government continues to "borrow" from the SS trust fund.

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tooldtocare said:
The Social Security tax that taxes SS benefits!!

​
I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.
I have to pay an income tax on my SS benefits !!!
This practice must STOP!!!
Taxing me on my SS tax benefits is a DOUBLE TAX!!!
We must get together and STOP this double tax !!​
Do you agree ?


(:-
Click to expand...

Oh, don't worry about it.

When congress takes all the SS money and invests it in the stock market,

Our troubles will be over.
 
abcdef said:
It worked well for almost 90 years.

But political greed and payoffs ruin everything.
Click to expand...

No, the problem is it's used as a pension fund. It requires many workers at the bottom, pushing money to the few at the top. The problem is the bottom is getting narrower than the top.
 
abcdef said:
It worked well for almost 90 years.

But political greed and payoffs ruin everything.
Click to expand...
Actually, it only worked for about 20-30 years, but very few caught on why it worked. Back when it was passed, the average life-expectancy was 56 years old. So, yay! You're above-average if you live long enough to use it. Most don't. But, Congress, in the infinite ability to do nothing/only what gets them reelected never had the guts to keep increasing retirement age beyond life expectancy.

Now add to that recipe for disaster, add business into the mix. Business generally knows better than to hire anyone 55 or older, because by the time they train that person to do the job the way they want, it's time for the person to retire. AND, since the person already has 35+ years of business-experience, it's just cheaper to pay young people less money than pay almost-retirees good money. And then there is blue collar work, where repetitive stress will wear down the body, so no one is expected to stay in that industry past 40, unless they become management, but there is only so much management needed. All that makes anyone at what is presently retirement age, useless.

And, let's add one more thing into this recipe of disaster -- the assumption of people. Somehow it has become the assumption of people that once they hit 62, they deserve 20-40 years of retirement for their hard work, and the government owes them that.

Pretty much explains where SS went wrong long ago, but heaven forbid anyone suggests retirement age 85!
 
Whether you agree with the premise of SS or not, whether you think something should be changed, and whatever you think should be changed, I can guarantee this: No change will happen as a result of any discussion about it on this forum.

Nope, sorry, won't happen.

We can agree that something is wrong, we can decide what needs to be fixed and how to fix it, or we can disagree and argue a lot about it, but at the end of the day the guv'mint gonna do what the guv'mint wanna do.
 
tooldtocare said:
The Social Security tax that taxes SS benefits!!

​
I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.
I have to pay an income tax on my SS benefits !!!
This practice must STOP!!!
Taxing me on my SS tax benefits is a DOUBLE TAX!!!
We must get together and STOP this double tax !!​
Do you agree ?


(:-
Click to expand...





I fully agree. Despite his reputation as a tax reducer, it was Reagan's 1983 tax reforms that made these benefits taxable.

https://www.ssa.gov/history/taxationofbenefits.html
 
tooldtocare said:
The Social Security tax that taxes SS benefits!!

​
I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.
I have to pay an income tax on my SS benefits !!!
This practice must STOP!!!
Taxing me on my SS tax benefits is a DOUBLE TAX!!!
We must get together and STOP this double tax !!​
Do you agree ?


(:-
Click to expand...

You have to pay tax on SS only if your income reaches a certain level.
This was enacted to tax those whose total retirement income exceeds a certain level.
Have no idea what that amount is, but the IRS could tell you.
My wife and I pay $0 taxes on are SS.
 
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