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Politics : Ask Michael Burke
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To: Joan Osland Graffius who wrote (94967)3/13/2002 2:20:08 PM
From: Tommaso  Read Replies (2) of 132070
 
Hi Joan,

I seem to remember that you put in your profile that you were collecting social security.

I was just looking into it and I had not realized that they add up all a couple's income, including tax-free income and maybe even returns or capital, and also half of your social security payments, and then if all that exceeds $34,000, they tax 85% of your social security as ordinary income.

It sounds as if what they take goes right into general revenues, paying for wonderful things like thermobaric bombs and abstract expressionist poetry.
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