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the AMT and SS. Retirees scr*wed again.
08-07-2008, 06:22 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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the AMT and SS. Retirees scr*wed again.
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I have outlived most of the people I don't like and I am working on the rest.
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08-07-2008, 07:13 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Sorry, Ed, but we'll probably get screwed even more see more changes in the future...
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Have Funds, Will Retire
...not doing anything of true substance...
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08-07-2008, 09:33 AM
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#3
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gone traveling
Join Date: Aug 2006
Posts: 994
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Quote:
Originally Posted by Ed_The_Gypsy
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I didn't know about this... thanks for posting.
~
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08-07-2008, 10:00 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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And some people say SS will be means tested in the future. Forget that it is now and has been ever since Mr. A Gore cast the deciding vote in the early days of the first 4 years of the Clinton administration. Of course the future may be even worse. Congress knew exactly what there were doing when they failed to index SS AND AMT taxes. Gave them lots of money for "pork barrel" junk.
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Vietnam Veteran, CW4 USA, Retired 1979
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08-07-2008, 10:26 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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Interesting link but a misleading use of the term AMT in the title of this thread......this has nothing to do w/ the AMT and has been this way for quite a few yrs now. You may pay taxes on SS even if not affected by AMT.
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08-07-2008, 12:55 PM
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#6
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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Besides making a sensational headline, I think that the AMT reference was because the SS taxation cutoffs were also not indexed for inflations.
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Angels danced on the day that you were born.
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08-07-2008, 01:01 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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so why should the younger generation pay higher taxes to keep the SS checks flowing?
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08-07-2008, 01:09 PM
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#8
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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Quote:
Originally Posted by al_bundy
so why should the younger generation pay higher taxes to keep the SS checks flowing?
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I am sure Ben Stein would agree with me, they should do this because it is the patriotic thing to do.
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Angels danced on the day that you were born.
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08-07-2008, 04:05 PM
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#9
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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Actually, I found it to be interesting that some SS might not be taxed by the feds. I have been assuming that these days, SS is subject to federal taxes, whereas it wasn't for some prior generations.
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Happily retired since 2009, at age 61. Best years of my life by far!
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08-07-2008, 04:12 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Single, 65 and screwed. Oh I also get to pay the higher level of Medicare cause I take too much money out in my old age.
There you have it folks - there is a downside to Pssst -Wellesley.
Now for the lucky and the smart - the Roth loophole hasn't been closed yet. Right??
heh heh heh -
P.S. It was fun being a cheap bastard for the first 13 yrs of ER - now I get to share the wealth with my IRS 'friends.'
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08-07-2008, 04:33 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Quote:
Originally Posted by OAG
And some people say SS will be means tested in the future. Forget that it is now and has been ever since Mr. A Gore cast the deciding vote in the early days of the first 4 years of the Clinton administration.
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GMAFB! - What did you think of Bush Jr. trying to eliminate S.S. altogether? S.S. is a Democrat Program, so don't complain too hard when you cash your check!
And remember before you complain about the Clinton years, remember that those years had budget surpluses. Unlike, Reagan and Bush Jr. that has bankrupted the country by deficit spending.
Bush Jr. Legacy - The worst U.S. President in History! If you voted for him instead of A. Gore - Your vote is the one that should be chastised!
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08-07-2008, 04:42 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Quote:
Originally Posted by unclemick
the Roth loophole hasn't been closed yet. Right??
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yet.
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08-07-2008, 04:46 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Oh wow a fired ex-moderator has posted..
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08-07-2008, 06:26 PM
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#14
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by Cut-Throat
GMAFB! - What did you think of Bush Jr. trying to eliminate S.S. altogether? S.S. is a Democrat Program, so don't complain too hard when you cash your check!
And remember before you complain about the Clinton years, remember that those years had budget surpluses. Unlike, Reagan and Bush Jr. that has bankrupted the country by deficit spending.
Bush Jr. Legacy - The worst U.S. President in History! If you voted for him instead of A. Gore - Your vote is the one that should be chastised!
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Here, Cut-Throat, I'll quote this in case you feel it needs deleting editing.
Don't worry, I'm only visiting your profile for the length of time that it takes to add you to my "Ignore Poster" list.
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08-08-2008, 05:56 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Quote:
Originally Posted by Cut-Throat
GMAFB! - What did you think of Bush Jr. trying to eliminate S.S. altogether? S.S. is a Democrat Program, so don't complain too hard when you cash your check!
And remember before you complain about the Clinton years, remember that those years had budget surpluses. Unlike, Reagan and Bush Jr. that has bankrupted the country by deficit spending.
Bush Jr. Legacy - The worst U.S. President in History! If you voted for him instead of A. Gore - Your vote is the one that should be chastised!
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Just stating a "fact" (sorry, I did not mean to confuse). No politics intended. Trying to point out that up to 85% of SS is taxed versus the prior level of 50%. SS is a democratic program, that is news, I thought all those folks in DC approved it. But, if like you said, it is a democratic program maybe they will get the opportunity to fix it now that they are "in charge" - still waiting for the "fixing of the gasoline prices" that they were going to fix when it was $2.50 a gallon; oh, I guess they did fix it, just did not understand what the "fix" was going to be. Oh well "change" is coming too, hope we can afford the "change".
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Vietnam Veteran, CW4 USA, Retired 1979
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08-08-2008, 07:59 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by al_bundy
so why should the younger generation pay higher taxes to keep the SS checks flowing?
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Because they don't vote as consistently as seniors.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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