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Re: AARP efforts to protect Social Security

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Message 11 of 26

@CriticalThinking wrote:

Gail, it doesn't matter. Social Security should be tax free, period.


I agree but Gail is correct. As much as 85% of your income from Social Security is subject to federal income tax while you paid income tax on that money when you earned it and then that already taxed income is used to pay into the SS fund. Maybe not quite double taxation since your employer put in one half of the funds!

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AARP efforts to protect Social Security

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Message 12 of 26

Since a pair of 1938 Treasury Department Tax Rulings, and another in 1941, Social Security benefits have been explicitly excluded from federal income taxation

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Re: AARP efforts to protect Social Security

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Message 13 of 26

@CriticalThinking wrote:

Gail, it doesn't matter. Social Security should be tax free, period.


And why is that?

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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AARP efforts to protect Social Security

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Message 14 of 26

Gail, it doesn't matter. Social Security should be tax free, period.

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Re: AARP efforts to protect Social Security

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Message 15 of 26
@CriticalThinking wrote:

FDR promised Social Security would always be tax free, but Ronald Reagan and Bill Clinton signed two bills which forces seniors to pay taxes on as much as 85% of their benefits.


The HALF of your benefit which you paid into the system during your working years is NOT taxed.  Only the HALF of your benefit which your employer paid into the system is taxed either 50% or it or 85% of it depending upon your income.

 

The working person already paid income tax on their portion of the payroll tax during their working years.  

 

Please see the IRS 1040 Social Security Benefit Worksheet LINE 2 -

The taxable amount BEGINS at the 50% level not the whole amount.

IRS 2016 1040 Social Security Benefit Worksheet

 

1. Enter the total amount from box 5 of all your Forms SSA­1099 and Forms RRB­1099. Also, enter this amount on Form 1040, line 20a 

 

2. Multiply line 1 by 50% 

 

Perhaps you might want to also review this -

 

Social Security History - Debunking Internet Myths about Social Security

 

 

 

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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AARP efforts to protect Social Security

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Message 16 of 26

FDR promised Social Security would always be tax free, but Ronald Reagan and Bill Clinton signed two bills which forces seniors to pay taxes on as much as 85% of their benefits.

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Re: AARP efforts to protect Social Security

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Message 17 of 26

@ChasKy53 wrote:

@rk9152 wrote:

@g654307s wrote:

I have just joined AARP to get involved with protecting social security.   While Trumps says he wants to protect, it seems the Republicans led by Ryan want to destroy it via privatization. Does ARRP have specific newsletters or communities on this topic? Also, where can I find information on AARP’s lobbying efforts to protect social security?

 

Thanks.  GS

 

Why do you associate "privatization" with "destroy"?


 


Because it will be destroyed if we start even partial privatization.


Why will it be destroyed with even partial privatization?

 

As I recall, past plans allowed for partial privatization but it was strictly up to the individual as to whether to participate or not. Do you not trust people to make their own decisions?

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Re: AARP efforts to protect Social Security

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Message 18 of 26

@rk9152 wrote:

@g654307s wrote:

I have just joined AARP to get involved with protecting social security.   While Trumps says he wants to protect, it seems the Republicans led by Ryan want to destroy it via privatization. Does ARRP have specific newsletters or communities on this topic? Also, where can I find information on AARP’s lobbying efforts to protect social security?

 

Thanks.  GS

 

Why do you associate "privatization" with "destroy"?


 


Because it will be destroyed if we start even partial privatization.


"The only thing man learns from history is man learns nothing from history"
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Re: AARP efforts to protect Social Security

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Message 19 of 26

I am an AARP member, but it justs galls me that AARP is opposed to any efforts to reform Social Security to ensure it's sustainability. It is no secret that the Social Security Fund (and Medicare/Medicaid) is rapidly going broke and will not be able to meet it's obligations in the not too distant future. Yet instead of wanting to participate in the debate of how best to modify these programs to ensure their viability AARP just continually says "don't touch Social Security or Medicare". This is not helpful and is actually a disservice to all of the seniors that depend on these programs now and in the future.I urge all AARP members to ask our leadership to be part of the solution, not part of the problem. 

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Re: AARP efforts to protect Social Security

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Message 20 of 26

@g654307s wrote:

I have just joined AARP to get involved with protecting social security.   While Trumps says he wants to protect, it seems the Republicans led by Ryan want to destroy it via privatization. Does ARRP have specific newsletters or communities on this topic? Also, where can I find information on AARP’s lobbying efforts to protect social security?

 

Thanks.  GS

 

Why do you associate "privatization" with "destroy"?


 

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