Wednesday, May 09, 2007

saving social security by indexing

Social security is already indexed. If you are single and have income, including social security,of thirty two thousand dollars you pay tax on 85% of your social security payment. A couple with income of fourty two thousand faces the same tax. Congress in its infinite wisdom decided these monetary thresholds signified wealthy social security pensioners threby penalising those who saved for their retirements. I wouldn't be as exercised about this if the money collected were used to improve social security's fiscal soundness but it isn't:it goes to the general fund which among other things pays congressional pensions. Incidentally these munificent sums defining wealth were proscribed some years ago and have no been adjusted.Golly , I wish I had a congressional pension.


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