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Old 04-10-2016, 08:54 PM
 
Location: Los Angeles area
14,018 posts, read 17,723,738 times
Reputation: 32304

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Quote:
Originally Posted by Delahanty View Post
Huh?
If you go back a few posts, i think Mathjak figured out what the poster meant - the meaning had totally escaped me too. Since the Medicare part B premium is deducted from our Social Security benefit, it has to be added back in - added to the net SS benefit to get a total (gross) SS benefit, which is then taxable.
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Old 04-11-2016, 06:05 AM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
I'm just assuming that 12 years from now when I start collecting, I'll be paying tax on 85% of my Social Security. There is no noise at all in Congress to index this to inflation. At 2% per year, I certainly can't escape the $25K cutoff for tax-free and it will be very hard to game required distributions to escape 85%.

The political impact of this is that both the Tea Party flat tax plus VAT/GST national sales tax; or a Bernie tax change that jacks up taxes for everyone to hand out free stuff to Millennials who get nothing now; are not retiree-friendly tax policy. The status quo at least keeps the Federal income tax burden low for the vast majority of retirees.
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Old 04-11-2016, 07:12 AM
 
Location: Durham NC
1,189 posts, read 1,295,035 times
Reputation: 921
Quote:
Originally Posted by GeoffD View Post
I'm just assuming that 12 years from now when I start collecting, I'll be paying tax on 85% of my Social Security. There is no noise at all in Congress to index this to inflation. At 2% per year, I certainly can't escape the $25K cutoff for tax-free and it will be very hard to game required distributions to escape 85%.

The political impact of this is that both the Tea Party flat tax plus VAT/GST national sales tax; or a Bernie tax change that jacks up taxes for everyone to hand out free stuff to Millennials who get nothing now; are not retiree-friendly tax policy. The status quo at least keeps the Federal income tax burden low for the vast majority of retirees.
I think I would be much worse off if any flat tax/VAT sales tax idea becomes law. I see no way on earth any of these promises do anything more in the end than raise taxes on those who cannot afford it. These programs Sanders, who has no chance to be elected, wants to implement come at a great cost. No free. Any sort of part time job guarantees all of my SS or close to it will be taxable.
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Old 04-14-2016, 10:02 AM
 
708 posts, read 501,365 times
Reputation: 1165
Quote:
Originally Posted by MadManofBethesda View Post
It's not "earned" income, it's simply other taxable income, such as from interest, dividends, capital gains, etc. That's why slyfox can have no "earned" income yet still have his SS taxed.

I think the biggest question most of us have is how about IRA withdrawals? Doesn't that count?
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Old 04-14-2016, 02:10 PM
 
Location: Ohio
19,875 posts, read 14,221,081 times
Reputation: 16070
Quote:
Originally Posted by Escort Rider View Post
That, in summary, is what the article says. Nothing new - just pointing out a fairly well known fact.
Indeed. It's been discussed ad nauseum. The situation is nearly identical to the AMT.
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Old 04-14-2016, 05:48 PM
 
Location: Baltimore, MD
3,745 posts, read 4,213,572 times
Reputation: 6866
Quote:
Originally Posted by Willistonite View Post
I think the biggest question most of us have is how about IRA withdrawals? Doesn't that count?
Traditional counts, Roth does not.
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Old 04-15-2016, 09:30 AM
Status: "Re-edit status" (set 13 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,134 posts, read 1,883,639 times
Reputation: 3154
Resign your self to the inevitable.
You'll eventually will feel better.

I figure that what I get in senior discounts is matched by senior taxes.
YMMV
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