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To: fatrat

Thanks to Clinton, your Social Security is taxed under the present system. This is basically a sales tax so you can control your tax rate by controlling your discretionary spending.


19 posted on 08/18/2005 7:23:50 AM PDT by MiniCooperChick
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To: MiniCooperChick

under the present system a max of half of social security income can be taxed and it is taxed at your marginal rate, in my case 10% for a max tax on my expected social security payments of about $950. under the fair tax system assuming i spend my social security payments the full amount would be taxed at approximately 23% for a total tax of about $4000 on social security payments alone.

as i said, they will have to fix this or it won't fly.


29 posted on 08/18/2005 5:13:52 PM PDT by fatrat
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