UH OH!!!
(media.greatawakening.win)
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Joe Biden didn't care because most of his income was off the books anyway, so no tax on it of any kind. If his bank account had been affected negatively, you can bet he would have opposed the move to tax Social Security.
Agreed... Cheers fren...
The government giveth and the government taketh away.
Agreed... Cheers fren...
Which is exactly why they want people dependent on them.
It shouldn’t be taxed. We did not willingly give our earning to be “used” by the government. All these years interest was accrued on our dollars, and loaned out/diverted for other uses.
Sorry, I misread what you typed... You're right that it shouldn't be taxed... Cheers fren
And even then, only 1/2 was "potentially" taxable. - The 1/2 that had NEVER been taxed.
Bill Clinton added the additional 35% to be taxable for high incomes.
Oh, and the threshholds to make it taxable, 25K, and 32K, have NOT changed since ??1986??.
I'm not a finance or tax expert but I do disagree on taxing SSI OR SSD if you've paid into it all your life... Cheers fren...
But the 1/2 your employer paid in, or 1/2 you paid in as a self employed person, has never been taxed. (And I am a tax professional.)
The 25K/32K threshholds are a real problem. In the late 80's, hardly anyone paid income tax on SS, now most do - and higher income people pay income tax on 35% of SS that they have already paid income tax on.
I'm paying income tax on 85% of my SS.
Paying income tax on SSI or SSD is imho wrong... There are people out there that are unable to work for genuine reasons that are being taxed on it... Single parents with disabled children for example... Single parents unable to work for real health reasons trying to raise a child or children... They shouldn't be taxed for extenuating circumstances beyond their control... Now I do know there are those that cheat or game the system and they get SSI or SSD that shouldn't be... They should more than likely be taxed but not the others..
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.
Thank you and have an awesome day...
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...
So why don’t the Republicans roll that law back? When they talk tax reform, this needs to change.
And retired members of Congress should never receive more than SS for their retirement income from their years as elected representatives. That will take care of the need for term limits.
They shouldn't receive even that... Most have become multi-millionaires while in office... Cheers fren...
Taxing our taxes. I believe Joe Biden will find the afterlife to be quite taxing.
I tend to agree with that assessment... Cheers fren...
More like their last hit of crack or meth... Cheers fren...
Agreed... Cheers fren...