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| quote: Originally posted by old rugged cross: Are you still working? High tax bracket? That seems like an awful lot, is it just me?
In my case my dear younger wife is still working and 85 percent of my SS was added to her income and I ended up paying 22 percent on all of that and my RMD. |
| Posts: 10049 | Location: Northern Illinois | Registered: March 20, 2009 |  
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Green grass and high tides

| ok, I think the bcs would be to take it when additional income is minimized. I know that can not be the case in a lot of cases. I agree it should not be taxed period.
"Practice like you want to play in the game"
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| I just did my taxes and SS income was a bit of an eye opener for me. I am at full retirement age still work a pretty good paying job. Last year was my first full year of SSI. Hopefully it won't sting as bad when I don't have a regular salary. Hopefully being the key word. I need to do some tax planning for sure. My Fed and State returns really caught me off guard. |
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| End SS tax and make up the loss by imposing a steep tax on income over $10,000,000. Let the Wall Street big shots and professional sports top earners step up for the good of America. Nobody needs to earn more than $10,000,000 annually.
U.S. Army 11F4P Vietnam 69-70 NRA Life Member
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Partial dichotomy
| quote: Originally posted by abnmacv: End SS tax and make up the loss by imposing a steep tax on income over $10,000,000. Let the Wall Street big shots and professional sports top earners step up for the good of America. Nobody needs to earn more than $10,000,000 annually.
This kind of thinking is a very slippery slope. Who's to decide how much is too much? And keep in mind, those who make that kind of money are often business owners who provide jobs and stimulate the economy. Don't kill the golden goose.
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| Posts: 39935 | Location: SC Lowcountry/Cape Cod | Registered: November 22, 2002 |  
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| quote: Originally posted by Fredward: I hate the assumption that any tax cut "must be made up somewhere else." Fuck no, it can come out of the waste, fraud and abuse and spending cuts.
Yep, especially the news about all the medicaid and other moneys going to the illegals including being housed in top end hotels in NYC. There was a video about that town in Ohio and how flush with cash those that were bussed in were via their EBT cards with 5 figure balances. Then there is the never ending sinkhole of money in Ukraine. |
| Posts: 10049 | Location: Northern Illinois | Registered: March 20, 2009 |  
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Facts are stubborn things

| FICA taxes are withheld from W-2 Income. Those taxes are not additionally taxed as income in the year they were paid. So no, you did not pay income taxes on the money both Employer and Employee tax contributions to Social Security as it was earned. Yes you have to pay taxes on that money when you receive it back. Yes 12.4% of your income goes to the US Government. Yes it is a terrible investment and honestly a Ponzi scheme. Social Security was "sold" to the American public as a Federally sponsored retirement account. Immediately following its passage, it was reclassified as a tax and not a retirement account.
Do, Or do not. There is no try. |
| Posts: 1839 | Location: Just East of Charlotte, NC | Registered: February 24, 2011 |  
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Oriental Redneck

| quote: Social Security was "sold" to the American public as a Federally sponsored retirement account. Immediately following its passage, it was reclassified as a tax and not a retirement account.
Just one of the many reasons I refer to them (us.gov) as the largest legal criminal organization in the world. 
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I started with nothing, and still have most of it

| quote: Originally posted by armedprof: Those taxes are not additionally taxed as income in the year they were paid.
Your comment is hard to decipher, but if you are saying we did not pay income tax on the amount that was payroll deducted for social security, that is incorrect.
"While not every Democrat is a horse thief, every horse thief is a Democrat." HORACE GREELEY
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