There never should have been a cap on SS taxes to begin with. And SS income should not be taxed. Can thank Reagan for that.
I have the original pamphlet given to my grandfather by his employer (Detroit News) in 1935 that explained the new 1% tax on the first $3000 in income. It’s a fascinating read. 90 years later, nearly every line written in the pamphlet has proven to be untrue.
Figures that congress has made sure it all became untrue over the years. I agree on both of your points, of course. Taxing SS income is like taxing you twice, since it is your money that you are getting back. They're taxing you for the right to get your own money back. In the very least, they should not tax it until you have fully recovered what you paid in.
I always love your analysis, but this time, I do not support your proposed solution regarding social security. While it is unfair that most people making less than $200,000 pay SS the entire year, on almost all of their income, at this point, I don't like ANY solution that entails the government stealing more money from it's citizens to fix a problem of their creation.
First, I want to see the entire Federal, State, County, and Municipal governments slashed to pieces like an 80's horror film! Also, SS isn't the "only entitlement" to consider either (I know it's not an entitlement like the others, but whence comparing the amount people put in, versus the amount they can collect, it's obviously not just "getting your money back")
I want to see all levels of government bleeding to death from every pore, before We The People even flirt with giving them more money.
Well, I'm all for slashing expenses first, especially foreign ones, so long as they don't slash Social Security because that IS stealing more of my money. If someone is holding your money, and you let them on the basis that they promised to return it, and then they refuse to give it back, that's stealing, too. So, no stealing as a solution.
There never should have been a cap on SS taxes to begin with. And SS income should not be taxed. Can thank Reagan for that.
I have the original pamphlet given to my grandfather by his employer (Detroit News) in 1935 that explained the new 1% tax on the first $3000 in income. It’s a fascinating read. 90 years later, nearly every line written in the pamphlet has proven to be untrue.
Figures that congress has made sure it all became untrue over the years. I agree on both of your points, of course. Taxing SS income is like taxing you twice, since it is your money that you are getting back. They're taxing you for the right to get your own money back. In the very least, they should not tax it until you have fully recovered what you paid in.
I always love your analysis, but this time, I do not support your proposed solution regarding social security. While it is unfair that most people making less than $200,000 pay SS the entire year, on almost all of their income, at this point, I don't like ANY solution that entails the government stealing more money from it's citizens to fix a problem of their creation.
First, I want to see the entire Federal, State, County, and Municipal governments slashed to pieces like an 80's horror film! Also, SS isn't the "only entitlement" to consider either (I know it's not an entitlement like the others, but whence comparing the amount people put in, versus the amount they can collect, it's obviously not just "getting your money back")
I want to see all levels of government bleeding to death from every pore, before We The People even flirt with giving them more money.
Also, end the Fed!
Well, I'm all for slashing expenses first, especially foreign ones, so long as they don't slash Social Security because that IS stealing more of my money. If someone is holding your money, and you let them on the basis that they promised to return it, and then they refuse to give it back, that's stealing, too. So, no stealing as a solution.