Yes, I Want To Pay Federal Taxes On My Social Security

[gab13by13]

Magats have a bill in Congress that will remove federal taxes on SS.

Yes, I would get more money back because I have other income and so my SS is taxed at a higher % than people who are in a lower income bracket.

My SS taxes go back into the SS trust fund and that keeps it more solvent.

If I remember right, the formula used to figure out how much SS someone gets is based on their 10 highest years on income. People who made more, get more SS. People who made less, get less SS and so they pay a smaller % of taxes than I pay. Why drain more funds from SS for a few bucks in tax returns?

I don't know how the payments for people on disability are calculated, maybe it would make a more significant return for them, if so, then only cut taxes on people who get disability. I don't need or want a slightly bigger tax refund at the expense of SS.

[Walleye]

1. Republicans would get rid of all taxes if they could. They wanted to destroy the United States government

[Emile]

2. According to project 2025 their end goal is to privatize SS.

[mwmisses4289]

3. That has been the end goal since reagan.

Once it's privatized, it's easier to raid it to give the funds to the wealthy, then once the funds are gone, dissolve it completely.

[gab13by13]

5. Magats fuck Social Security up,

like they plan to shut down 26 SS offices across the country. They are going to make it so hard to apply for disability that it is going to take over a year to get it. They already tried to fuck with the phone- in system and make it almost impossible to do business over the phone.

Once they fuck it up then they will claim it needs to be changed, it needs to be privatized.

They are doing the same thing with the Post Office. They plan to have a Fed-Ex official, or former official, or board member, I forget, take DeJoy's place.

[Liberal In Texas]

10. When they privatize it the new owners will take huge salaries and assess unnecessary fees. Then

they'll cut monthly benefits citing expenses and lack of funds.

[Blue Full Moon]

4. The GOP started taxing it in the first place. Under the same false pretenses they are using now.

[thatdemguy]

16. Yes raygun signed it, it was bi-partisan vote

to tax up to 50% if the person had over a certain level of income. It was then raised to 85% in 1993 with a 50/50 vote with the tie breaker signed by AL Gore and signed by Pres Clinton.

So both parties are responsible, but raising it to 85% was 100% the Democratic Party.

https://www.ssa.gov/history/InternetMyths2.html]

[NoRethugFriends]

6. So you like a regressive tax

Are you aware that high earners only pay on a small percentage of their total earnings?

[gab13by13]

9. Define high earners

I'm only talking about people who need Social Security.

Poor people are going to be in a lower tax bracket to begin with. How much money will they gain from no taxes?

Will the Magat plan have an income cut off. People whose net income is 50k or less don't have to pay SS taxes but everyone else does?

[Ponietz]

11. Enough to buy food for the dog or get their daughter a doll at Christmas?

This OP is risible when Amazon pays zero and Lump paid $1500 in 2016 and 2017. Start there.

The report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a total of $1,500 in income taxes for the years 2016 and 2017.

https://www.cnbc.com/2022/12/21/trump-income-tax-returns-detailed-in-new-report-.html

[Wonder Why]

12. Actually, there is an income cutoff. Taxable SS is like other ordinary taxable income. The more you

earn, the more you pay. So my taxable SS is just the same as my taxable IRA distribution. The government says to add it all up, subtract your deductions and then pay X% based on your income.

But those with low incomes have less percentage of their income (or none of it if low enough) that is taxable. But whatever that amount is that is taxable, it is just another source of income.

If I had income ONLY from social security, probably none of it would be taxed. Given that I have a little other income, some small amount of SS would be taxable but I probably would still not pay any income tax because my net income would still be too low to pay anything. Given I make a little over the cutoff, I'm still in a low or zero tax bracket if I have enough deductions.

So, you are partially correct. Those over the 50K limit do have taxable income but they may NOT be paying any taxes and if they do, how much tax is taken out of the SS income depends on how much they make in other ways. So a person with $100K in total income including SS would be in a different bracket than someone earning $300K including the same SS and thus would pay a lower percentage tax on the SS income even though they got the same SS dollar amount as the higher income person.

[Gore1FL]

7. I want to go back to the pre-Reagan days of not taxing it, but taxing billionaires, instead. nt

[Fiendish Thingy]

8. The federal income tax paid on SS benefits does NOT go back into the SS trust fund

SS is funded by a dedicated payroll withholding tax (FICA) separate from federal income tax.

Taxes on SS benefits are subject only to federal income tax, not FICA.

[MineralMan]

15. While that is true, if you are receiving SS benefits and are still self-employed,

you must still pay the self-employment tax, which does go to the SS fund.

Even if you are of full SS retirement age. That was my situation and still is for my wife.

We don't mind, though.

[ForgedCrank]

13. I don't.

I've already paid in far more to the SS fund than I will ever be able to withdraw, I've done my part.

[Happy Hoosier]

14. I disagree.

I think making SS not subject to Federal taxes is a good idea. The folks are retired, they earned their benefits. It's not like SS is super genereous.

If that means some rich assholes have to pay more taxes to make up the difference, so be it.

[Ms. Toad]

17. Income taxes on SS benefits do not return to the SS trust fund. n/t