Ending taxes on social security

[jonesy5960]

If that’s the case then there is no way we should make that fund MORE insolvent than it already is. I’m Gen X and have paid in for 30 years now with 10+ to go. I fully expect to get far less benefit than boomers get now. If we want the program to be around for future generations then we have to figure out ways to either cut benefits earlier or increase funding.

Giving more money to current beneficiaries is counter productive to program longevity.

That aside, we are very wasteful with spending overall and I wish either party would actually do that when they hold the oval - it never happens. At least the Dems are honest about their intentions.

I'm not sure what your point is here. Are you stating that not paying taxes on SS is a bad idea as I agree with?

 

[alaskanseminole]

Pros:​

1. Increased Income for Retirees: Eliminating taxes on Social Security benefits would increase the net income of retirees, potentially improving their financial security and quality of life.
2. Simplified Tax Code: Removing the tax on Social Security could simplify the tax code, making it easier for retirees to file their taxes and reducing administrative complexity.
3. Encouragement to Save: If retirees are taxed less on their benefits, they might be encouraged to save more for retirement, knowing that their Social Security income won’t be taxed heavily.
4. Fairness: Advocates argue that since Social Security benefits are already funded through payroll taxes, taxing them again is unfair and effectively amounts to double taxation.

Cons:​

1. Increased Deficit: Eliminating taxes on Social Security benefits could reduce federal revenue, potentially increasing the budget deficit and leading to higher national debt.
2. Equity Concerns: High-income retirees could benefit disproportionately from the tax cut, as their Social Security benefits are less likely to be taxed compared to lower-income retirees who rely more heavily on these benefits.
3. Impact on Social Security Trust Fund: Reducing taxes on Social Security benefits might create pressure to adjust benefits or increase contributions to ensure the trust fund remains solvent.
4. Potential for Inflation: Increased disposable income for retirees might lead to higher spending, potentially contributing to inflationary pressures in the economy.

 

[hawkeyetraveler]

I'm not sure what your point is here. Are you stating that not paying taxes on SS is a bad idea as I agree with?

Yes I’m saying if the taxes go towards the program then I think cutting taxes is bad because we already have problems with social security solvency.

So if you decide to cut the tax then you have to either cut benefits to keep the program alive or increase tax on future recipients.

 

[MichaelKeller99]

Taxation = theft.

 

[Dr. Phil Seuss]

Take the cap off SStax

Be awful for many of us. Program is going to be insolvent and will require overhauls and reductions in benefits as is. Last thing I want is to pay in on every dollar.

 

[RicoSuave102954]

You can't keep cutting taxes without cutting expenses.

And we know expenses are not getting cut.

Governor Reynolds is trying a form of this to garner political gain.
Ten years, maybe less, and the shit hits the fan.

LOL always the downer right Mitch? Throw something against the wall and come back in 10 years to see if it sticks, right?

 

[RicoSuave102954]

If that’s the case then there is no way we should make that fund MORE insolvent than it already is. I’m Gen X and have paid in for 30 years now with 10+ to go. I fully expect to get far less benefit than boomers get now. If we want the program to be around for future generations then we have to figure out ways to either cut benefits earlier or increase funding.

Giving more money to current beneficiaries is counter productive to program longevity.

That aside, we are very wasteful with spending overall and I wish either party would actually do that when they hold the oval - it never happens. At least the Dems are honest about their intentions.

Way too many others getting checks from Social Security other than just retirees. Family members of disabled workers, including spouses and unmarried children under 18 (19 if still in high school) or any age if disabled before 22, may also qualify for Social Security benefits if they counted upon the disabled worker's income.

You got people who barely worked a day in their life getting checks regulary because their back is too sore to get a job.

 

[ClarindaA's]

Be awful for many of us. Program is going to be insolvent and will require overhauls and reductions in benefits as is. Last thing I want is to pay in on every dollar.

That would keep it solvent, when combined with some limitations on who can receive it

 

[MitchLL]

LOL always the downer right Mitch? Throw something against the wall and come back in 10 years to see if it sticks, right?

^^^Shit for brains.

 

[alaskanseminole]

Taxation = theft.

How does the government get the moneys? Retail?

 

[MichaelKeller99]

How does the government get the moneys? Retail?

You believe there’s a difference between your local neighborhood burglar and the Tax Man.

There isn’t.

 

[alaskanseminole]

You believe there’s a difference between your local neighborhood burglar and the Tax Man.

There isn’t.