Monday, April 16, 2012

Why Social Security Sucks - - -

First off you pay income tax on your entire income before your FICA (SS) amount is deducted, so you are paying tax on your payments into the system.

Then, if you live long enough to collect, your SS payments are taxed if you have any other significant income.

In my case, even though I am disabled for Social Security purposes, I still have to pay taxes on 85% of my Social Security Disability payments.

If that is not bad enough that tax is applied to your wife's payment as well unless you file separately and  pay a major penalty.

This is outrageous double taxation and you can thank a Democrat Congress - - -

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