The Social Security tax that taxes SS benefits!!

Discussion in 'Healthcare/Insurance/Govt Healthcare' started by jamesduncan, Oct 28, 2017.

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Should we be taxed on our SS tax benifits?

Poll closed Nov 27, 2017.
  1. yes

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  2. no

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  1. jamesduncan
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    jamesduncan BANNED

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    The Social Security tax that taxes SS benefits!!

    I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.

    I have to pay an income tax on my SS benefits !!!
    This practice must STOP!!!
    Taxing me on my SS tax benefits is a DOUBLE TAX!!!​

    We must get together and STOP this double tax !!

    Do you agree ?

    :)-
     
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  2. BuckToothMoron
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    BuckToothMoron Gold Member

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    It’s not really so much a double tax as much as it is inefficient. If you’re due $1000 per month based on your contribution, but then taxed $200 of the $1000, it would be more efficient to simply reduce your check to $800. But then again, our federal government has never been an example of efficiency.
     
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  3. jamesduncan
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    jamesduncan BANNED

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    The social security program is the most successful government program ever created. It is so successful that our government has been borrowing from the Social Security trust fund to the tune of $3,000.000,000.000,000 dollars. That's three (3) trillion dollars and still today our government continues to "borrow" from the SS trust fund.
     
    Last edited: Oct 28, 2017
  4. BuckToothMoron
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    BuckToothMoron Gold Member

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    I’m not sure why you assume the program has been successful just because our law makers can’t keep their hands off the money sitting in the program, and hence “borrow” the money out.

    Trustees Warn: Social Security in Financial Trouble

    Specifically, the trustees find that:

    • The combined Social Security trust funds are projected to be fully depleted by 2034 — just 18 years from now.
    • Without legislative action, all Social Security beneficiaries — 88 million in total — could face across-the-board benefit cuts of 21 percent in 2034.
    • The Social Security’s Disability Insurance Trust Fund is estimated to be depleted even sooner — in 2023.
    • Without legislative action, approximately 12 million disabled people and their families could face across-the-board benefit cuts of 11 percent that year.

     
  5. MadChemist
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    MadChemist Active Member

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    By legislative action, I can only assume you mean raising taxes from existing or new means.

    Hence, my agreement with you that calling it successful requires some type of an appeal to a metric that hasn't been provided or agreed upon.
     
  6. Old Yeller
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    Old Yeller Gold Member

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    Question: ASSume $2000/mo age 62......$2800 age 67.
    Do you wait?

    By age 67 that person would have ~$125K in pocket. $800/mo extra would take ~13 years to break even. Meaning you would have to live to age 75, past that you begin to profit......

    Of course this does not take into account any COLA or TAXES.
     
  7. MadChemist
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    MadChemist Active Member

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    Successful at what ?

    Oppressing the elderly ?
     
  8. IsaacNewton
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    IsaacNewton Gold Member

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    It is a gigantic load of horseshit. Pay taxes on the taxes you paid to save for retirement? Taxing taxes. This DOES sound like the Republican way, as long as the double tax is a tax on people that can't afford it. Make the elderly and the poor/middle class pay for trillion of dollars of tax cuts for the wealthy.

    And if you asked any Republican in Congress he'd say that is what Jesus would want.
     
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  9. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Why are you complaining? You love taxes. That's why you keep voting for people who always raise them.
     
  10. IsaacNewton
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    IsaacNewton Gold Member

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    You love taxes, that is why you keep voting for people that raise them. Why are you complaining?
     

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