mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I was surprised to see how many 65+ folks pay no federal income tax. Then, why am I paying more? "Relentless rules of humble arithmetic" as J. Bogle puts it I guess.
Why Most Elderly Pay No Federal Tax | Squared Away Blog
The tax breaks for people over 65 are not “loopholes,” which require special knowledge or interpretations of the tax code, often by lawyers. Elderly tax breaks are explicit in the tax code. When applied to reduced retirement incomes, the tax preferences eliminate all tax liability for millions of older Americans.
One such preference is a higher standard deduction for age 65-plus filers than for younger tax filers. Other provisions exempt the majority of retirees from paying taxes on their Social Security benefits. Another way to think about the impact of our over-65 tax breaks is that eliminating them “would make 16.3 million current nontaxable units taxable,” the Center’s 2011 report estimated.
Why Most Elderly Pay No Federal Tax | Squared Away Blog