Really?
You think social security benefits aren’t taxable?
Social security benefits are taxable depending on the total amount of income you have from all sources.
It’s the total income, not the fact that you have social security coming to you, that determines if you pay taxes on your income and how much.
That’s the truth. So, if you as an individual don’t pay taxes, it’s not because your social security benefits aren’t taxable - they ARE depending on your total income - it’s because you don’t have enough total income to owe taxes.
As for Romney planning to tax social security, it is already subject to tax under the guidelines I described.
Second, show me where Romney said anything about doing something along the lines of what you claimed. He didn’t.
In fact, nowhere does he say he plans to tax people, period, who don’t now pay taxes. Because he doesn’t plan to.
He said people who don’t pay taxes wouldn’t get excited about a proposed tax cut, which is his actual proposal, because they already don’t pay taxes.
As for those who have the higher income, they would not apply for SS benefits. Instead, they would wait until later when their total income falls. There are people out there in their 70s and possibly into their 80s who never applied to SS and as an asset that benefit accrues and when they eventually retire, that SS benefit will be larger.
And if Pomney and the GOP go after the the 47 percent, they have to go after senoirs not paying income tax. Because that group is a sizable percent of the 47%
As for your other statement, you are correct. Instead of tax increases, the loopholes are closed. No child credits, mortgage deductions, properety tax deductions, state income tax deductions, education credits, etc etc. Your tax rate may not go up, or may possibly diminish, but the amount in taxes you pay will go up.
I'll tell you what is going to happen. The formal economy, in which production and consumption are taxable, will shrink. And the informal economy, in which only consumption is taxable, will expand. We will end up like Mexico where 60% of the workforce is working "off the book".
Really?
You think social security benefits aren’t taxable?
Social security benefits are taxable depending on the total amount of income you have from all sources.
Well stated and factual , based on my /wifes experience.
We in effect pay a tax on a tax because we happen to earn over the limit. 25,000 or 32,000 per below.
Source:
Do I have to pay income taxes on the benefits I receive?
You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.
Use the Internal Revenue Service (IRS) Notice 703 shown on the back of the Social Security Benefit Statement, SSA Form 1099, to determine if any of your benefits may be taxable.
Social Security has no authority to withhold state or local taxes from your benefit. Many states and local authorities do not tax Social Security benefits. However, you should contact your state or local taxing authority for more information.