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Social Security and Taxes

Chuck
@Chuckles
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About 40 years ago we began paying an income tax on Social Security. I remember thinking at the time that it seemed sort of like double taxation. Then recently I read that Trump wanted to end the payment of income tax on Social Security.

You know what? It still seems like double taxation.

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Discussion (89)

  • Fritz@Fritz

    The whole system is insane. Because I receive Social Security, I must be enrolled in Medicare, and the Part B premium for which is automatically deducted from my SS benefit.

    I also am taxed on those benefits to a degree that varies with how much I earn from actually working. Of course, working as a self-employed person, I also have to pay into Social Security at the rate of 15.3% of my net earnings.

    Oh, and I still have to pay income tax on at least some of my Social Security benefits, no credit given for having at the same time continued contributing into the system.

    Truly nuts.

  • Chuck@Chuckles
    ReplyingtoFritz

    Fritz (View Comment):

    The whole system is insane. Because I receive Social Security, I must be enrolled in Medicare, and the Part B premium for which is automatically deducted from my SS benefit.

    I also am taxed on those benefits to a degree that varies with how much I earn from actually working. Of course, working as a self-employed person, I also have to pay into Social Security at the rate of 15.3% of my net earnings.

    Oh, and I still have to pay income tax on at least some of my Social Security benefits, no credit given for having at the same time continued contributing into the system.

    Truly nuts.

    @Fritz , You nailed it!

  • Kevin Schulte@KevinSchulte
    ReplyingtoChuck

    Fritz (View Comment):

    The whole system is insane. Because I receive Social Security, I must be enrolled in Medicare, and the Part B premium for which is automatically deducted from my SS benefit.

    I also am taxed on those benefits to a degree that varies with how much I earn from actually working. Of course, working as a self-employed person, I also have to pay into Social Security at the rate of 15.3% of my net earnings.

    Oh, and I still have to pay income tax on at least some of my Social Security benefits, no credit given for having at the same time continued contributing into the system.

    Truly nuts.

    Chuck (View Comment):

    @ fritz , You nailed it!

    Hungry hungry Gov, never satiated .

  • DonG (CAGW is a Scam)@DonG
    Chuck (View Post):

    About 40 years ago we began paying an income tax on Social Security. I remember thinking at the time that it seemed sort of like double taxation. Then recently I read where Trump wanted to end the payment of income tax on social security.

    You know what? It still seems like double taxation.

    In 10 years SSA will have much bigger problems.

  • Chuck@Chuckles
    ReplyingtoDonG (CAGW is a Scam)

    DonG (CAGW is a Scam) (View Comment):

    Chuck (View Post):

    About 40 years ago we began paying an income tax on Social Security. I remember thinking at the time that it seemed sort of like double taxation. Then recently I read where Trump wanted to end the payment of income tax on social security.

    You know what? It still seems like double taxation.

    In 10 years SSA will have much bigger problems.

    Agreed - should we stop funding Social Security? (I vote yes.)

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