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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: Roth taxable now??? Date: 8/5/1998 11:52 PM
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<<You may be right, but the argument against taxing SS income is that it was already taxed once, any tax at all would be double taxation. Simple fairness requires that SS either not be taxed when received or deductible when withheld. Not that I see either as likely in the near future

Also, taxes received from taxing SS income go into the general fund whcih is overflowing at least for now. It will not help the SS or Medicare problems which are getting worse each day.

Joe Varga >>

[[OMIGIOD! Is USENET crossposting to the MF now? I'm so excited that my hands are shaking!]]

1) Joe, since when have the words "fairness" and "tax" gone together? Not to mention the words "logical" and "tax system". For a real-world example of double taxation, one need look no further than the double taxation of stock dividends. And don't even get me started on the taxation of illusory gains due to inflation.

2) The only reason the general fund is "overflowing" right now is precisely *because* of the SS tax. If it was going into a separate account, like it is supposed to, there would not be a surplus at all.

Regards,
Ray

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