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Started By
Message
re: 'You earned it, you keep it act' bill would eliminate taxes on Social Security
Posted on 2/8/24 at 5:36 pm to bird35
Posted on 2/8/24 at 5:36 pm to bird35
quote:
Social Security has turned into welfare for those who didn't work.
I have been receiving SS retirement (not my only retirement income) for several years. I began paying into the system at age 13 loading trucks with grown men at $1.10 per hour.
Guess how those of us who paid into the system, against our will, for 50 plus years feel about your statement.
Posted on 2/8/24 at 5:37 pm to Ostrich
quote:
it’s a tax increase for everyone making $250k or more
*****
This post was edited on 2/8/24 at 5:39 pm
Posted on 2/8/24 at 5:41 pm to TigerintheNO
quote:
'You earned it, you keep it act'
quote:
raises the cap on SS tax from 168K to 250K
So you keep less of what you earn. Sounds like it is all an act.
quote:
-extends the program's solvency by 20 years
Then what?
They should be eliminating this failed tax, not the tax on the benefit. I would gladly give up my accrued benefits to never have to pay into it again. But we are all stuck in this Ponzi scheme.
Someone making $250k would potentially pay $30k per year into this system, and not be allowed to contribute to a tax advantaged retirement plan.
Posted on 2/8/24 at 5:42 pm to Auburn80
Yeah, I’m a hell no. All this does is tax me more for a promise that will Never deliver… You work to get a nice income then they beat you down, and this is about F’ing votes…..
Posted on 2/8/24 at 5:44 pm to CamdenTiger
I will just work less. I'm already paying over 40% on every incremental dollar. Drive it over 50 and I am officially disincentivized. You can fund everyone else's ss off of someone else's back
This post was edited on 2/8/24 at 5:45 pm
Posted on 2/8/24 at 5:47 pm to LSUnation78
quote:
First sane SS bill i’ve heard about in many many moons
It’s simply taxing people more now so that people that are supposedly in low tax brackets will pay less when they weren’t even expecting to. That’s sane to you?
I don’t disagree that it’s incredibly stupid that the benefits are taxable, but they are. This is doubling down on a stupid system that has already become too top heavy
Posted on 2/8/24 at 5:49 pm to TigerintheNO
Beware the wolf in sheep’s clothing … the devil is in the details
Posted on 2/8/24 at 5:51 pm to DaveyJones12
quote:
why don’t they get rid of SS alltogether. If you can’t make enough money to save for retirement (2nd, 3rd jobs etc) then you deserve to work until you’re dead. IMO.
Seems so easy Right?
Posted on 2/8/24 at 5:53 pm to TigerintheNO
quote:
raises the cap on SS tax from 168K to 250K
frick. frick. frick.
Posted on 2/8/24 at 6:07 pm to roadGator
It's even worse than this. Doughnut hole to 250k then every $ above that.
Posted on 2/8/24 at 6:15 pm to armtackledawg
frick that.
Is it the same on both the employee and employer portions?
Is it the same on both the employee and employer portions?
Posted on 2/8/24 at 6:29 pm to hedgediver
quote:
Is it the same on both the employee and employer portions?
Of course. They are basically making this in line with the Medicare surtax/ net investment tax. That’s $250/200k threshold hasn’t moved, but they have been aggressively moving up the social security limit.
Trying to trick old people into supporting something that will permanently tax younger generations.
ETA: I don’t think the Medicaire surtax hits the employer side, but this is just a disguise at an increased tax rate for high earners that isn’t built into the marginal tax rates.
This post was edited on 2/8/24 at 6:31 pm
Posted on 2/8/24 at 6:30 pm to bird35
quote:
Social Security has turned into welfare for those who didn't work.
You do realize that your benefit is paid on the wages you earned and social security taxes you paid in during your working years?
The disability side is rife with abuse I am sure. I won't comment on that side as I am not educated enough on that side of the program.
Posted on 2/8/24 at 6:36 pm to Turbeauxdog
quote:
Any change to ss that does not convert funds to investment vehicles is batshit.
Well, Washington is addicted to those blue light specials on borrowing from the SS "Trust Fund" and repaying it with dollars worth less than the original "investment."
Posted on 2/8/24 at 6:36 pm to Ostrich
The rowers gotta row harder for the deadweight until the rowers realize it's not worth it and quit rowing.
Posted on 2/8/24 at 6:38 pm to hedgediver
quote:
Is it the same on both the employee and employer portions?
Working for myself all these years, I got both barrels.
Posted on 2/8/24 at 6:46 pm to Auburn1968
Enjoy paying 13% on all of it
Posted on 2/8/24 at 6:49 pm to dietcoke7
quote:
I have been receiving SS retirement (not my only retirement income) for several years. I began paying into the system at age 13 loading trucks with grown men at $1.10 per hour. Guess how those of us who paid into the system, against our will, for 50 plus years feel about your statement.
Old people’s feelings are why we can’t make any meaningful changes to this system. Guess what gramps, we have paid into the system too, and have never expected to get anything out of it, with every proposed change making it look less and less likely.
And you don’t realize that SSDI payments are also funded from FICA and absolutely a form of welfare. Because you paid a nickel per hour when you were 13, you are going to get yours.
Posted on 2/8/24 at 7:14 pm to TigerintheNO
I wish we could opt out of SS withholding altogether
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