Winston
Platinum Member
There is so much wrong here that I don't know where to start. First, your Grandma must be 82, that fits into the six percent RMD, not MRD--it is required minimum distribution. And perhaps Grandma paid taxes, but she sure didn't pay taxes on a penny of 300 grand in her IRA, that is why she has to take an RMD, so the government can finally get some taxes on all that income Grandma socked away. In fact, that is the only income tax Grandma has to pay because she has not hit the threshold where Social Security Income is taxed, that is $25,000. But Grandma gets the standard deduction, $12,550 for 2021. So she pays taxes on whopping $5,450, that is a sum total of $545 on FORTY THREE GRAND worth of income. something like a marginal tax rate of 1.2%Your numbers are all wrong. Try slightly more than $2000 in SS, or around $25,000 a year, plus $18,000 MRD on an IRA of around $300,000 - saved over decades of work, all while paying taxes. That’s $43,000 - and taxes are owed on what is a modest income. Yet our software engineer earning six figures doesn’t have to pay tax, and why? Because he’s crying that he can’t afford the four kids he has, and you leftists want to give him other people’s money.
Thus:
Grandma who paid taxes over four decades of work, and now has a $40kish income on which she must pay taxes, and
50-year old software engineer earning $120,000 and getting excused from taxes - let Granny pay!! - because it’s not enough to cover the costs of the four kids he had and can’t afford, and his entitled wife doesn’t want to get a part-time job while the kids are in school to be able to support the family
Grandma is not subsidizing anyone. Matter of fact, the person you are complaining about is paying Grandma's Social Security check, paying three fourths of Grandma's Medicare Part B premium, and three fourths of Grandma's Medicare drug plan. Not only does he have four kids to raise and a wife support, he has to carry Grandma on his back, and yet she has three times his annual income sitting in the bank that she has not paid two cents in taxes on. Welcome to the real world.