How about this then? You are currently taxed on what you pay in but are not currently taxed on the portion that your employer pays in on your behalf.

(I won't get even talk about self employment taxes)

(08-01-2024 12:46 PM)UofMstateU Wrote:  

(08-01-2024 12:40 PM)VA49er Wrote:  

(08-01-2024 12:20 PM)UofMstateU Wrote:  

(08-01-2024 12:12 PM)VA49er Wrote:  

(08-01-2024 11:44 AM)Redwingtom Wrote:  No, when you work, they withhold SS and remit it to the government. It's not "taxed."

When you file for SS, you then receive money.

You can still earn income and have income other than SS when you retire.

If you do and it exceeds the threshold, some of your SS is then taxable.

So, it's the same as a tax just not officially called a tax. It's not like you will get back exactly what you put in to SS.

You actually come out WAY behind if you were to invest that money in something like a 401K.

The only people who come out ahead are those who rip it off by claiming disability.

Are you saying I'd make more return simply taking SS rather than taking that same $$ and put it in the market or invest it in other ways? I think I may be misunderstanding what you are saying.

No, I'm talking about if you were able to invest your SS in something else other than SS. You'd come out WAY ahead if you were to take the amount you are paying into SS and have that go straight into a 401K instead.

SS also has the added benefit of disability insurance. But that can be handled through the private sector as well. I'm basically paying for a second disability insurance at my work (Long term and short term disability ) as well as having it also accounted for in SS payments.

OK, gotcha! That's been my opinion as well all along. I so wish I could take what they take out of paycheck for SS and invest it myself.

(08-01-2024 03:00 PM)TigerCane Wrote:  How about this then? You are currently taxed on what you pay in but are not currently taxed on the portion that your employer pays in on your behalf.

(I won't get even talk about self employment taxes)

"(I won't get even talk about self employment taxes)"

You promise

(07-31-2024 03:29 PM)CrimsonPhantom Wrote:  

Quote:This is a very significant policy proposal. President Trump is supporting a position that Seniors should not pay taxes on Social Security income.



This comes on the heels of President Trump supported policy that income received from service tips should not be taxed.

Combined, both of these policies would result in massive numbers of middle-class Americans having more money in their bank accounts. The national economic benefits of these two combined policies are extremely significant and could actually offset the financial damage done by Joe Biden.

Link

Strange? I thought it was never taxable anyways?

(08-01-2024 03:27 PM)VA49er Wrote:  

(08-01-2024 12:46 PM)UofMstateU Wrote:  

(08-01-2024 12:40 PM)VA49er Wrote:  

(08-01-2024 12:20 PM)UofMstateU Wrote:  

(08-01-2024 12:12 PM)VA49er Wrote:  So, it's the same as a tax just not officially called a tax. It's not like you will get back exactly what you put in to SS.

You actually come out WAY behind if you were to invest that money in something like a 401K.

The only people who come out ahead are those who rip it off by claiming disability.

Are you saying I'd make more return simply taking SS rather than taking that same $$ and put it in the market or invest it in other ways? I think I may be misunderstanding what you are saying.

No, I'm talking about if you were able to invest your SS in something else other than SS. You'd come out WAY ahead if you were to take the amount you are paying into SS and have that go straight into a 401K instead.

SS also has the added benefit of disability insurance. But that can be handled through the private sector as well. I'm basically paying for a second disability insurance at my work (Long term and short term disability ) as well as having it also accounted for in SS payments.

OK, gotcha! That's been my opinion as well all along. I so wish I could take what they take out of paycheck for SS and invest it myself.

It's a system meant to protect the lowest common denominator that ends up punishing those that could do it themselves. Intelligent people could garner a better retirement, but idiots would spend every penny they could and end up on the gov tit when they can't work anymore

(08-01-2024 11:44 AM)Redwingtom Wrote:  No, when you work, they withhold SS and remit it to the government. It's not "taxed."

When you file for SS, you then receive money.

" ... recieve money ... " <- a pitiful pittance ROI compared to what I've have earned if I'd invested it myself