Re: O-T Tax Returns. Immoral

Posted by Dave H (MI) on April 12, 2007 at 07:19:48 from (152.163.100.197):

In Reply to: O-T Tax Returns. Immoral posted by Tom Windsor on April 11, 2007 at 20:17:17:

Hi Tom, the issue of taxation of SS benefits for the retired is....well....a moral one. It is wrong.
The benefits are calculated based on amounts paid into social security. The amounts paid in were based on income which was already taxed. Unfortunately I believe they get around it by considering SS and Medicare as basically an insurance premium and not a paid in account like an IRA. You can run it filing separately but in most cases we find this is no help. The max for taxable SS is 85%. Amazing how we can keep getting the capital gains tax rates reduced but they stand strong on this SS thing.

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