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They are also taxing me on my social security benefits as if it were ordinary income. I'm paying taxes on my taxes.

 

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I also have never agreed with that. In a way, it's triple taxation: your income is taxed, the SS is withheld (tax since part of the SS system is used for other purposes than a pension) and taxed one more time when you collect it.

 

I believe that it is "Yo snap!" Bellman, you look Caucasian to me, what's with the ebonics?

 

No, I haven't forgotten a thing. The 1961 500 lire, KM#99, contains 0.2934 oz. of silver x about $17.35 per ounce now or, ... about $5.09 worth of silver. Nothing about that gets me to a $14 price for a coin that has a LIST PRICE (KP Standard Catalog, edited by Cuhaj) of $12. This is a coin with over 12,000,000 minted which for a market as small as the Italian collector coins is known as "a boatload".

 

No one, repeat, NO ONE, pays Federal Income Taxes on the full amount of their Social Security benefits. The maximum taxability is 85% at the very highest income levels, far too high to be griping about eBay prices earned.

 

Good to know since I'm about to start collecting.

 

No subject generates more bad information than anything anyone thinks about Social Security. The average beneficiary burns through "his own money" plus all conceivable interest in about 5 years. Used to be 3 years just about a decade ago. Beyond that, WE are paying for YOUR benefits.

What ANY federal politician has to say about Social Security these days, from the left or right, is a pure lie. They lose the ability to tell the truth about SS when they take their oath of office.

 

Well I've heard SS called a pyramid scheme by critics. It very well may be.

 

I'm outta this discussion.

 

To the extent it takes today's taxes received to pay today's beneficiaries, and it does, it is one. While disability does make the problem worse, the essential problem is that JUST FOR RETIREMENT BENEFITS ALONE, the taxes are too low to meet the benefits promised, just like most private pensions.

 

I know a lot of folks don't like to hear this, and when they do they usually deny it and throw a tantrum, but SS is just a big ponzi scheme.

Exactly.

 

I work for one of the only industries that doesn't pay into Social Security. Our pension is managed much more sensibly and is much more solvent, and hopefully will be in the future. I think there should be much more cases like this - the bigger a system gets, the more cumbersome it becomes. (says the Jacksonian...)

 

So... you're an Amish farmer, eh? BTW, the Amish pay Federal Income Tax, just like everyone else, but they do not pay FICA taxes and they do not collect Social Security, because their religion FORBIDS the concept of insurance. They always just help one another, without insurance. Any need on the part of one is the responsibility of the community. They take "there but for the grace of..." extremely literally.

 

You are wrong. When I "contributed" to my social security benefits, the dollar at that time wasn't worth two cents as it is today. Inflation has eaten the buying power of the dollar because the government violated Roosevelt's pledge to use Social Security only for pension benefits and not welfare.

 

Bellman do you actually work at a profession?

 

You are not paying for any of my benefits. You're not that generous.

 

Yes, I am a Research Analyst for the Pennsylvania House of Representatives and the Clerk for their Urban Affairs Committee, for now. The committee assignment has a 95% likelihood of changing in January. The Chairman I serve will remain the same. The committee likely will not.

 

They shouldn't be paying taxes at all on what they actually contributed way back when the dollar had purchasing power.

 

Sorry, Onofrio, but that's just a baldfaced lie. I am indeed paying an itsy bitsy teeny weeny slice of your benefits right now. You ran through all of your money long ago.

 

What do you "research" and what do you do as a clerk for the Urban Affairs Committee?