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The Social Security tax that taxes SS benefits!!

Discussion in 'General Politics' started by curiouskay, Oct 28, 2017.

should we be taxed on our ss tax benifits?

Poll closed Nov 27, 2017.
  1. yes

    50.0%
  2. no

    50.0%
Multiple votes are allowed.
  1. curiouskay

    curiouskay Member

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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. Hank77

    Hank77 Well-Known Member Supporter

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    I agree. One should only be taxed on income that they have not previously paid taxes on, pre-tax retirement funds, wages, capital gains, dividends, inheritance, etc.
     
  3. Albion

    Albion Facilitator

    +17,194
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    Good luck on changing that policy which has been around for some time. In fact, we used to be taxed on half of the SS benefits received...and then that was raised to (as I recall) 85%.

    In other words, there's little chance of any tax reform in this area. It's more likely that the percentage will be raised to 100% than that the double taxation is eliminated.
     
  4. dysert

    dysert Member

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    The govt is going to tax whatever they can. And as a matter of fact, if you receive dividends from stock you hold, you're being taxed twice on it, too.
     
  5. curiouskay

    curiouskay Member

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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.
     
  6. Hank77

    Hank77 Well-Known Member Supporter

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    I suppose that is true if you consider yourself to be a owner of the corporation. I see myself as a investor, yes, but more like a loan company who receives interest on their investment, only in a better position because I can get out any time I choose to.
     
  7. dysert

    dysert Member

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    If you hold stock, you *are* an owner of the corporation. And woe be unto you if you're a partner in an S-Corp! Taxes, taxes everywhere.
     
  8. Albion

    Albion Facilitator

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    That's right. the profits realized from holding stock in a corporation--either through increases in the value of the stock or from dividends--are taxed when the shareholder files his individual tax return, but the company itself has paid corporate tax on those profits, too.
     
  9. curiouskay

    curiouskay Member

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    NOTE:
    If the text is too small to read HOLD DOWN THE [CTRL] key while rolling your mouse roller up or down.

    just a friendly note to users
     
  10. Barney

    Barney Member

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    The topic title is botched. There are no Social Security taxes on SS benefits. SS use to not be taxed, but because of rich people getting SS and the need for the government to collect revenue, the government started taxing just some of SS. I have no problem with the government raising revenue from people most able to pay.
     
  11. Albion

    Albion Facilitator

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    The issue is that the benefits are taxed although the contributions were previously taxed. This is either fair or unfair, depending on how one looks at it. However, it should be remembered that the benefits themselves have not been previously taxed, just the 'premiums' that were paid in the form of FICA taxes.
     
  12. curiouskay

    curiouskay Member

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    You must be a Trump fan & wrong on SS taxes as well.
    I know. I "am" being taxed on my SS benefits.

    End of story

    :)-
     
  13. curiouskay

    curiouskay Member

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    If you make comments here you must vote as well

    :)-
     
  14. Albion

    Albion Facilitator

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    As Barney said, the title technically is in error, although you stated the issue correctly in the body of the OP.
     
  15. Hank77

    Hank77 Well-Known Member Supporter

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    At $32,000 total income they tax 50% of the SS benefits, at 44,000 they tax 85%. That income level is for couples.
     
  16. Hank77

    Hank77 Well-Known Member Supporter

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    Thanks for this correction, so yes it does depend on how you look at it. So I will have to change my vote from no to yes.
     
  17. Barney

    Barney Member

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    Yes, taxes on SS hits the middle class, but not as hard as you indicate. Only half of SS counts as income before calculating how much SS is taxed. So, that couple could have $44,000 in income and not pay a penny in taxes, if that income is SS. And, consider the increased standard deduction for retired people, and exemptions, and they could have a lot more than $44,000 and still not pay a penny in tax. They're comfortable and financially secure. Retired people should have little to spend their money on, anyway, other than frivolity.

    Meanwhile, consider the middle-class worker who has to pay the mortgage and employment costs, who pays taxes SS taxes on every dollar earned plus income taxes at anything over about $10,000 (assuming single and no expensive kids to raise).
     
  18. Barney

    Barney Member

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    If you want to try to be technical, half the SS taxes weren't paid by the retired person, so that person isn't being double-taxed if he pays taxes on that same SS money when paid out. Nor has the retired person paid any taxes on the return on SS contributions. And, I fail to see why "double taxation" equates with unfair. Someone who owned a home fifty years has paid property taxes on the same asset 50-times over, how come the whiners of 2-times taxation don't complain about that?
     
  19. miamited

    miamited Ted Supporter

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    Hi curiouskay,

    Yes, some people do pay income tax on their SS. However, that's not what barney said. Barney said that there are no SS taxes paid against SS that is received. He is correct. There is only income tax paid on taxable SS benefits.

    God bless,
    In Christ, ted
     
  20. Albion

    Albion Facilitator

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    Possibly. But many people, including economists, think that the employer's half is nothing other than a withholding from the employee's real wages, hardly any different from the other half that is itemized on his pay stub.
     
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