"You Earned It, You Keep It Act

[DFSNOLE]

I believe the reward for Biden would be greater than the risk in supporting this bill. Sometimes you have to backtrack on a campaign promise.

Federal Taxes on Social Security Benefits Would Be Eliminated With This Proposal. Here's Why Joe Biden Probably Won't Support It | The Motley Fool

This Social Security plan could be popular with many Americans but will likely be a nonstarter with the president.

www.fool.com

 

[sabula]

What? Said Lying Donnie Sexual Abuser. You can't backtrack on a campaign promise? 🤣🤣🤣🤣

 

[DFSNOLE]

What? Said Lying Donnie Sexual Abuser. You can't backtrack on a campaign promise? 🤣🤣🤣🤣

That check is coming from Mexico any day!

 

[The Tradition]

When I joined the Coast Guard my dad was absolutely SHOCKED that I had to pay federal taxes on my military earnings. SHOCKED!

 

[theiacowtipper]

I guess I don’t understand why it isn’t taxable. The contributions came from non taxed money.

 

[markfromj]

I guess I don’t understand why it isn’t taxable. The contributions came from non taxed money.

You pay federal income tax on the income amount BEFORE SS and Medicare is deducted.

 

[BubsFinn]

They can pass whatever they want. The money is running out in 12 years so you'll not be paying taxes on money you're not getting. Hooray.

 

[SeaPA]

I guess I don’t understand why it isn’t taxable. The contributions came from non taxed money.

Half of the contributions are non-taxed money (the employer half, since it is deductible for them). The hals that comes from the employee via withholding comes out of his/her taxable wages.
That was the original argument to make up to half of the benefits taxable. Years later it was changed such that up to 85% of benefits are taxable, depending on your overall income.

 

[DFSNOLE]

They can pass whatever they want. The money is running out in 12 years so you'll not be paying taxes on money you're not getting. Hooray.

You obviously didn't read the article.

 

[Finance85]

I believe the reward for Biden would be greater than the risk in supporting this bill. Sometimes you have to backtrack on a campaign promise.

Federal Taxes on Social Security Benefits Would Be Eliminated With This Proposal. Here's Why Joe Biden Probably Won't Support It | The Motley Fool

This Social Security plan could be popular with many Americans but will likely be a nonstarter with the president.

www.fool.com

I agree with you.

There are many problems with Social Security, and since I'm retirement age, I've become acutely aware of a lot of them.

First, Social Security was never meant to be a sole source of retirement income. It was supposed to be a safety net / supplement.

Second, Social Security was never meant to be lent to the general fund. It was supposed to be as Al Gore said, "a lockbox".

Third, Social Security was never intended to be taxable income.

Fourth, early retirement was originally intended for people not able to work until (at the time) full retirement age of 65. I saw something recently that more people are retiring early than waiting until their full retirement age.