Skip to main content
No. of Recommendations: 7
Rayvt: "Were you around in 1987 when Congress decided to impose income tax on SS benefits? Your money is taxed when you pay into SS, and again when it is paid out to you. Same money, taxed twice."

It is generally s not the same money.

The money taxes going in is geenrally paid out long before the taxpayer reaches retirement age.

Your statement makes it sound like my SS tax dollars are sitting in an account somewhere waiting for me to collect them. It was never true at all until 1983, because SS was pay as you go from inception until then.

Since 1983 excess SS taxes buy special treasury bonds (and was used by Saint Ronald to hide the real size of his deficit spending and to dampen the risk of inflation).

Regards, JAFO
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.