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I'd sure like to see that happen! (Summary: the article points out that the income level at which SS benefits are taxable hasn't been changed since 1983, when 50% of SS could be taxable and 1993, when up to 85% became taxable). And, as they point out, it's punishing those of us who saved for retirement.
I was stunned when DH and I married and we moved for my job, with no real employment prospects for DH. He was 65 and filed for SS; I was 50 and working FT. I had no idea SS was taxable till I calculated our taxes! Worse, we live in a greedy state where state taxable income starts with Federal AGI and is NOT reduced by the taxable portion of SS income- so the state taxes it, too.
There have been many options floated for fixing SS and Medicare without any of them gaining traction. It's a shame, but I don't foresee anything happening until the boat is sinking.
62 million people collect Social Security which is 19% of the US total population. A very sizable voting block if they make their views know and vote on that issue.
May not work for “Progressive” politicians as their plan to give away free stuff to just anyone will require even more taxes.
62 million people collect Social Security which is 19% of the US total population. A very sizable voting block if they make their views know and vote on that issue.
May not work for “Progressive” politicians as their plan to give away free stuff to just anyone will require even more taxes.
There is so much ridiculous about this statement I'll let it be, but check your date & see which "progressive" president starting taxing retired people's SS. (Hint: the same "progressive" whose dismantling of economic priorities has led to a generation of real paycheck take-home stagnation since that same time.)
I'd sure like to see that happen! (Summary: the article points out that the income level at which SS benefits are taxable hasn't been changed since 1983, when 50% of SS could be taxable and 1993, when up to 85% became taxable). And, as they point out, it's punishing those of us who saved for retirement.
Yes, I've mentioned that numerous times and likened it to the AMT.
The AMT (Alternative Minimum Tax) applied to virtually no one when the law was enacted. Fast forward a couple decades and now lots of Americans are trapped by it, because incomes had risen.
The IRS came down like a ton of bricks on those people with penalties and such. They did cry out, but they were ignored.
It was still a few more years before about 25% of Americans were trapped by it, and they reached a "critical mass" for the Media to take up the cause and then Congress finally changed it.
This tax needs to be adjusted every year just like the first bend-point and the wage/salary cap are.
Please, let's not start down this road. It can only end badly.
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