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Tue Jun 15, 2021, 03:46 AM

Why are people receiving Social Security taxed,

When the wealthiest people pay zero? Everyone should ask their members of Congress why that is allowed, and who will vote to change it. Especially now as prices are jumping up higher.

17 replies, 2081 views

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Arrow 17 replies Author Time Post
Reply Why are people receiving Social Security taxed, (Original post)
duforsure Jun 2021 OP
elleng Jun 2021 #1
NJCher Jun 2021 #4
BillyBobBrilliant Jun 2021 #2
634-5789 Jun 2021 #3
Sherman A1 Jun 2021 #6
SheltieLover Jun 2021 #8
WhiteTara Jun 2021 #11
Hassin Bin Sober Jun 2021 #14
Voltaire2 Jun 2021 #5
Klaralven Jun 2021 #7
GoCubsGo Jun 2021 #9
LittleGirl Jun 2021 #10
pidge Jun 2021 #12
ruet Jun 2021 #15
Doremus Jun 2021 #13
Cicada Jun 2021 #16
PoindexterOglethorpe Jun 2021 #17

Response to duforsure (Original post)

Tue Jun 15, 2021, 03:55 AM

1. What the Rich Don't Want to Admit About the Poor

by Ezra Klein

'I’m not going to pretend that I know how to interpret the jobs and inflation data of the past few months. My view is that this is still an economy warped by the pandemic, and that the dynamics are so strange and so unstable that it will be some time before we know its true state. But the reaction to the early numbers and anecdotes has revealed something deeper and more constant in our politics.

The American economy runs on poverty, or at least the constant threat of it.

https://www.democraticunderground.com/1016295071

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Response to elleng (Reply #1)

Tue Jun 15, 2021, 04:17 AM

4. I listen

To his podcast on a regular basis.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 04:01 AM

2. Ronald Reagan

Signed the 1983 amendments to the social security code to shift the tax burden from the wealthy to the elderly.
https://www.ssa.gov/history/taxationofbenefits.html

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Response to BillyBobBrilliant (Reply #2)

Tue Jun 15, 2021, 04:05 AM

3. Addendum:

Reagan also was anti-union, anti middle class and had the same underlying power of tRump for the drooling morons who believed in him.

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Response to BillyBobBrilliant (Reply #2)

Tue Jun 15, 2021, 05:20 AM

6. Precisely

Most of the ills of our society trace straight back to Saint Ronnie.

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Response to Sherman A1 (Reply #6)

Tue Jun 15, 2021, 06:23 AM

8. This!👆

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Response to BillyBobBrilliant (Reply #2)

Tue Jun 15, 2021, 07:50 AM

11. he taxed unemployment in that same bill

that was on a Thanksgiving weekend.

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Response to BillyBobBrilliant (Reply #2)

Tue Jun 15, 2021, 09:43 AM

14. We controlled The House by a large majority.

That legislation passed with large bipartisan support. Including a yes vote by our current President.


Yes, “Saint Ronnie” signed it but he had plenty of support from both sides of the aisle.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 04:44 AM

5. Because tip O'Neal and Ronnie struck a deal.

Not only are we taxed, but the income threshold was set in 1983, and has never been inflation adjusted. It is massive bullshit.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 05:59 AM

7. It mainly penalizes those with pensions or who have saved for retirement

If your only retirement income is Social Security, then your income is so low that the tax is fairly small.

If you have other income in retirement, such as pensions, withdrawals from IRAs, etc. then Social Security is taxed at a higher rated depending on your total income.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 06:35 AM

9. The same reason credit card interest is no longer tax deductible.

Thank Brain-dead Ronnie Reagan.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 06:37 AM

10. My ex father in law voted for Obama

Because he Obama said SS income less than 50k would stop getting taxed.
He was very upset it wasn’t done.
Maybe now?

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Response to duforsure (Original post)

Tue Jun 15, 2021, 09:17 AM

12. Many receiving SS ARE wealthy so they are taxed.

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Response to pidge (Reply #12)

Tue Jun 15, 2021, 09:45 AM

15. Ummmm...

On the withholding side, you do not pay SS tax on any income over $143k. This is regressive and the amount they get on the back end is minuscule by comparison.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 09:27 AM

13. You can thank Reagan the Monster

Before he lowered the ax on old folks, our SS checks were tax-free just as they should be.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 09:56 AM

16. Back door partial means testing of SS

The formula, part of the Pretty great Tax Reform Act of 1986, has a sneaky feature. The exemption amounts are not adjusted for inflation. A single taxpayer pays tax only when non social security income exceeds $25,000. In 1986 few hit that level. Now many do. Each year the soc sec tax goes up a bit. Because of inflation.

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Response to duforsure (Original post)

Tue Jun 15, 2021, 11:22 AM

17. I have income from Social Security, two annuities,

a tiny pension, and what I take from my investments. It's still low enough that my taxes are very low.

While I agree that rich people should definitely be paying more, it's not as though those paying taxes on their SS are in dire poverty. They're taking home enough to be paying taxes.

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