Posted on 02/14/2022 7:21:03 AM PST by jonrick46
Should Income Tax Be Paid on Social Security?
I’d like to see some numbers on how much we have left after one dollar is taxed from earning it to spending it.
You’re correct. The SS taken out of your paycheck IS a tax in itself...and to be used for a particular purpose. The other taxes taken out are NOT designated for particular purposes at the time.
“that is until one uber-liberal democrat senator from the Peoples Democratic Republic of Massachusetts, one “Teddy” Kennedy, pushed through legislation that did mandate fed. inc. taxes on SocSec benefits..”
It was a tie vote and Al Gore as the VP broke the tie vote.
You weren't allowed to deduct these "contributions" from your taxable income, were you?
The money you pay into social security is part of your gross income. IT IS TAXED!
Exactly.
And don’t forget the additional money they steal for Medicare, &etc.
Here is the IRS publication for anyone wanting additional information.
https://www.irs.gov/publications/p915
Should millions of American tax dollars be sent to Pakistan to fund transgender sex change groups????
85% of social security is taxed by the feds and depending on how a state taxes your income by them also.
S.S. Should not be taxed we already paid tax on it once. Also the feds should not be using the excess money for their other vote buying schemes.
Should federal pensions be taxed? They are now.
I had 2 independents work for me-contractors. That yearly letter they send you. These 2 guys will get $100 a month each when they reach retirement age. Are they thinking about it when they’re young and working? I’d find a way to invest all the under-the-table money they’re earning. It could do a lot better than SSI.
It might involve working/earning just enough ($6k) to put in a ROTH. Then 4+ more to not go over the 10% rate(minus deductions).
There should not be any federal defined benefit pensions. They all should be defined contribution.
EXACTLY! That would be double-taxation on the same money as we paid taxes on it when it was collected.
And no, what we receive is a fraction of what a good investment would have produced........
Irrelevant to the question I asked. Deal in reality.
They should not, and I know a few people who don’t. I also know of some people who don’t pay income taxes, at all. One of my friends hasn’t paid for over 20 years. The IRS can’t even cite the statute that requires most people to pay income taxes on their salary or wages.
No!
100%
I do and I do. 85% of my SS is taxed as regular income. And, that sux.
Good Grief no. It is double taxation as mentioned above. So if they are doing that, why not just CUT the social security to its non-taxable amount. (And listen to WE senior scream!)
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