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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: jackjc who wrote (26024)2/8/2005 11:44:57 AM
From: Tommaso   of 110194
 
From the Social Security web site:

"Beginning in 1984, includes up to one-half of Social Security benefits as taxable income for taxpayers whose adjusted gross income, combined with half their benefits and any tax-exempt interest they may have exceeds $25,000 for a single taxpayer and $32,000 for married taxpayers filing jointly. Benefits received by married taxpayers filing separately are taxable without regard to other income. Appropriates amounts equal to estimated tax liability to the Social Security trust funds."

This is "history," not current law, which makes 85 % of benefits taxable. I have boldfaced the important stipulation.

Now of course this does not address the question of what happens when the so-called "trust fund" starts shrinking instead of growing and the so-called "bonds" in it are "cashed" to pay benefits. I would agree that it sounds like a shell game. But at least the receipts from taxing Social Security do not revert to the current general fund.

At least, that is my understanding.
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