Social Security Benefits Under Political Pressure
May 28, 2019
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Comments
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kjhajdik is correct that employees have paid SS and Medicate taxes on 401k contributions for many years. "You pay taxes on up to 85 percent of your Social Security income, which is somewhat arbitrary,’’ she said. “And I believe that it’s likely that 100 percent of Social Security benefits will be subject to taxation." Yes, it is somewhat arbitrary, but not without reason, as employees have a basis in their account through their contributions which were already taxed. Taxing 100% would likely violate the double taxation precedence on earned income and might be unconstitutional as well
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There is some confusing information provided in this article. Looking back there are many reasons S.S. never should have started. Gov't managed programs don't have a very good track record making long term planning more difficult.
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Beg to differ with you on the statement that "Employees do not pay into Social Security on any retirement account contributions like 401(k)s". Employees do pay SS on 401k contributions, just not federal income taxes.