Is taxing money twice (only on some people) going too far?
By bobmnu
@bobmnu (8157)
United States
June 1, 2011 1:03am CST
I have worked since I was 16 years old and have paid into Social Security with after tax dollars. As I get ready to collect Social Security I was informed by my tax advisor that I will be paying tax on 85% of my Social Security, but not all people will have to pay tax on their SS. The only people who will pay are those who earn or receive $25,000 per year from a retirement, or dividends or income from a job. Since I was one of those who did the right thing and saved for my retirement and am willing to work part time to support my self I guess that makes me rich.
The question is when will Congress eliminate Social Security for some but still tax them for it. If you read your SS statement of earnings it says that SS is a compact between generations and Congress can change or eliminate the program at any time. Will their way to save SS be to slowly increase the tax on those who receive benefits in addition to a private retirement plan, until the tax reaches 100%?
1 response
@163Mandolingirl (1052)
•
11 Jun 11
We have to pay tax on our pensions, above a certain income, here in the UK too!
@bobmnu (8157)
• United States
12 Jun 11
i have heard people tell me that it is only fair because we have more money. My problem is that there are people who have never worked (but are able to do something) yet have collected money from the government every month of their adult life and never paid any income tax. I have trouble understanding why a person who is blind, deaf, or a disabled person can work and pay taxes so that a High School dropout can live off the taxpayers?
