6.2% from the employee and another 6.2 from the employer gets us what? SS is not only an unjust tax, it is a bad deal. There is nothing that .gov does that is worth a shit.

Every penny taken from a 401k or IRA is taxable income. It is easy for an ordinary person to trigger income taxes on SS.

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.

I am still working at took SS at full retirement age. Next year my hope is the laws have changed. I am working few more years and call it a career.

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.

Taxes on SS forces old folk poverty in my opinion.

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.

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.

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.

What really cheeses me is how some in our government, give SS to those from other countries who never paid into it and give the money away to them no questions asked. If anything, if you haven't paid into the system during your life and if some people are still going to get it, then they should be the ones to pay taxes on it in the least.

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.

^^^^^^^^^^^^^
I am so sick of soak the rich. I am not wealthy but in a high tax bracket. We already pay the bulk of income taxes. Besides people who made 10 million pay tax attorneys to minimize what they pay.

Even with the incremental increases annually in SS payments, the annual increase in paying into medicare usually eats that up. A little tax break would help.

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.

We should take care of our veterans, seniors and the truly needy. I have done my part by serving in the military, worked hard and paid my taxes. Next year will be better.

Very few people have a wage income in the millions. At those levels of wealth their income is from other forms, such as capital gains, dividends, etc.

If taxes are increased on high wages above some level, people just massage the compensation package to call it something other than wages.

"Rich" is anyone making more than the person wanting to "soak the rich". Any tax enacted to only affect "The Rich" always gets expanded to include the middle class.

They just passed the bill with the new $5 trillion debt level increase, so we can afford to get rid of SS taxes now. No worries It will only take about 7 years of $2 billion a day tarrifs to pay it off.

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.

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.

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.