UH OH!!!
(media.greatawakening.win)
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The taxing of Social Security makes sense, only if you did NOT contribute to it. If you have paying SS throughout your life and reach 40 quarters of "investment", it should be 100% non-taxable income. To make a logical parallel for those that may disagree, imagine being charged income tax on your tax refund. This is effectively what is happening to those that have actually contributed.
I paid my share for my entire life... But I disagree that it should be taxed... What each of us pays into it will never equal what we get put of it by a long shot... Cheers fren...
I agreed with you. Those that paid into it should not be taxed. The problem is that there are recipients of SS who are getting paid without ever contributing. They should have to pay taxes because it is income. For the rest of us that have paid into it, it is simply a refund.
Fair enough fren... I may have misunderstood you...
No worries. I may not have made myself clear. I get a little hurried sometimes.
Actually, I got back all I paid into SS in just 3 or 4 years. Everything after that has been coming from current workers' paychecks. So it's a myth. You should be getting a statement from SS that tells you your total contributions. It's not that much compared to how much SS you'll get each year.
My point exactly... We get more than we ever paid in but yet people that paid in are getting taxed on what they're getting back... Cheers fren...