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Originally Posted by Andyb
Your exactly right. Thanks for posting. It is very insulting to honest, tax paying citizens. Not to mention it’s taxed, so it’s double taxation. I’ll never receive what I and my employer has put in, back out. Our Government, especially with our current, “out of control spending” administration is a dangerous joke.
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“ Social Security isn't a savings plan or an investment scheme; it's an Old-Age, Survivors, and Disability Insurance (OASDI) program intended to ensure that Americans are guaranteed a minimum monthly payment in their non-working years. As with all insurance programs, some people will eventually receive less than they paid in, and others will receive more.”
“ Likewise, the word "entitlement" has long been the standard terminology for payments made under government programs that guarantee and provide benefits to particular groups. Persons who have demonstrated their eligibility to claim such payments are entitled (i.e., "qualified for by right according to law") to receive them. The usage has nothing to do with pejorative connotations associated with the word (e.g., "a sense of entitlement") which are often applied to denote people expecting or demanding something they do not merit.”
As for “double taxation,” most states have state income tax as well as federal income tax, so it seems that “double taxation” is legal. Most also have sales taxes, even though you pay with doubly-taxed money. So I guess most people are triply-taxed. In Florida, we are only doubly-taxed. But your “Social Security Contribution” when you were working was taken out BEFORE taxes, so it has NOT been taxed. I would love a law that says Social Security income will not be taxed, but I still paid a third of mine in taxes last year. I had to borrow money from my retirement savings last year to pay that, and I had to pay an additional 20% on what I took out.
Social Security as 'Federal Benefit Payments' | Snopes.com