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Weekly Reminder: The economy is great, inflation is fake and gas is cheap.
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<blockquote data-quote="vantexan" data-source="post: 5828704" data-attributes="member: 24302"><p>Were the taxes collected through this going back into Social Security or going into the general fund? The problem is, if anyone isn't familiar, that the levels of income for Social Security recipients needed to trigger the tax were set at what was in 1983 high income. For example if you are single or married filing separately they take half your SS plus any other income and if that's at least $25k but less than $34k then 50% of your SS is taxed. If over $34k then 85% is taxed. There are higher income thresholds for married couples filing jointly. That was considered high income in 1983 but they never adjusted for inflation over the years. So more and more people were getting hit with taxes on their SS every year.</p><p></p><p>Extending SS solvency another 20 years comes from taxing all income above $250k. Currently the limit at which income stops being taxed for SS is around $168k. That would continue but if you make $250k or more then all income above $250k would resume having SS taxes taken out.</p></blockquote><p></p>
[QUOTE="vantexan, post: 5828704, member: 24302"] Were the taxes collected through this going back into Social Security or going into the general fund? The problem is, if anyone isn't familiar, that the levels of income for Social Security recipients needed to trigger the tax were set at what was in 1983 high income. For example if you are single or married filing separately they take half your SS plus any other income and if that's at least $25k but less than $34k then 50% of your SS is taxed. If over $34k then 85% is taxed. There are higher income thresholds for married couples filing jointly. That was considered high income in 1983 but they never adjusted for inflation over the years. So more and more people were getting hit with taxes on their SS every year. Extending SS solvency another 20 years comes from taxing all income above $250k. Currently the limit at which income stops being taxed for SS is around $168k. That would continue but if you make $250k or more then all income above $250k would resume having SS taxes taken out. [/QUOTE]
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Weekly Reminder: The economy is great, inflation is fake and gas is cheap.
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