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re: You better BELIEVE Joey Biden wants to tax or eliminate your Social Security.
Posted on 3/17/24 at 5:58 am to BestBanker
Posted on 3/17/24 at 5:58 am to BestBanker
quote:Who is paying for this? This isn’t to help people: it’s a way to funnel tax dollars to Wall Street.
There's also a federal match to IRAs.
Surely there will be income limits. I would expect my paltry salary to be above the qualification limit and get a big fat zero if this law came to pass. It does so for every government tax credit during tax filing season.
0
Posted on 3/17/24 at 6:58 am to Zach
quote:I don't know what you do if you are way above a million and hopefully this is for eventual and not retroactive retirees but if you are hovering around a million, go out finance a couple of hundred +/- acres of land. Add a 400,000 liability to your assets and hope the idiots can do mah, Assets minus liabilities equal net assets (worth). Win/win - you keep your social security and you are investing in a tangible asset that can be used many ways, even possibly income producing (lease to farmer, hunters, etc.).
It's gonna be 'Means Testing.'
They've proposed it for years.
IE: If you retire today at age 65 and you have a net worth of 1 million dollars you forfeit your SS because you're 'fortunate.'
Keep in mind that most old people's net worth is their paid for house.
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