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Your calculations are wrong. You are not contributing anything to the Social Security and Medicare trust funds. Your Social Security benefits may be 85% taxable at your marginal tax rate, but that tax goes to the general fund of the US Treasury, not Social Security. (The exception might be if you are paying more for your Part B and Part D coverage due to high income.)

Are you sure? Taxation of Social Security benefits was enacted into law in 1983 and designated that the taxes were to be deposited in the OAS and DI Trust Funds.

The Social Security Office of the Actuary reports that 3.5% of the trust funds income is from taxes on up to 50% of an individual's Social Security benefit. Were the taxes on benefits going into the General Fund, Congress would need to pass a law each year to transfer it to the Social Security trust funds.
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