This article is wrong. We live on Social Security and our SS is taxed as income.........thanks to Bill Clinton. Every April we write a check to the IRS.
Agreed! My Soc Sec income is also taxed. Maybe y'all and I are the only ones? :)
You beat me to the post...If they are counting SS as part of the 47% then the assumption is wrong. None of my friends who are retired are voting for “O”. We know full well what socialism does to a country and to our kids and grandkids!!
Whether or not SS benefits are taxable depends on current income, with the taxable portion of SS benefits capped at 85% total benefits.
For example this year a married couple filing jointly would pay no income tax on SS benefits if their total income is less than $32,000.
http://taxes.about.com/od/income/qt/Social_Security.htm
I am single & on Soc Sec.
I have to have income of over about $25,000 a year to have to even file a return.
I have been on SS for over 10 years.
I don’t make even 1/2 of that $25,000 thresh hold on SS, therefore, I don’t have to file a return. I live on just under $1100,00 a month SS & this is the first year we got an increase in that!!! Went for 3 years with frozen amount just over $1000.
Telling me to pay tax on money I have been ‘depositing’ into SS for over 57 years and hearing threats every week that my ss may/will/has to be cut because of reckless spending on other social programs like Midnight Basketball makes me livid.
If I had put the same $$ into almost any other kind of ‘investment’—except GM stock (!), I am pretty sure I woulde be getting back more than I am now.
Some people make much more on SS- especially with 2 persons retired—and therefore slide over the threshhold and have to file a return & pay something.
OTOH, I think that if you are retired & have saved to own some rental properties, you should ONLY have to pay & report income on those activities.
IF I had set money aside in a jar—the government would not even know that I had that $$$ & would not be looking at SS records & figuring out how to tax me some more.
I was single almost all of my life—only married for a total of 5 years.
I always knew that between Fed & state taxes, I had to ‘earn $3 to bring home $2’. That mantra was pretty solid all my life. But when I started working, gas was 36 cents a gallon & a NEW car was under $3000.
I bought a used car in 1981 that was 2 years old & I am still driving it. The thought of even looking at a ‘new car’ doesn’t even occur to me. They are junk, I like my old station wagon.
You are not supposed to view the article factually. You are supposed to be stampeded by the rhetoric. Thank you for telling us the facts. The MSM never will.