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Politics : The Trump Presidency
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To: bentway who wrote (69731)5/3/2018 6:11:13 PM
From: Wharf Rat   of 363635
 
Means testing at tax time; the taxes go back to the SSTF and Medicare, not the general fund. There's nothing which keeps us from increasing the tax to 99% for the wealthy.

Income Taxes on Social Security Benefits

Prior to OBRA 93, all of the revenue raised from taxing Social Security benefits was credited to the Old-Age, Survivors, and Disability Insurance Trust Funds.
OBRA 93 established the second income thresholds of $34,000 of modified AGI for beneficiaries filing income tax singly and $44,000 of modified AGI for married beneficiaries filing jointly. Although benefit income for tax filers with modified AGI below those thresholds remains taxable according to the terms of the 1983 amendments, up to 85 percent of Social Security benefits are taxable for beneficiaries with modified AGI exceeding the new thresholds. 5 The additional revenue generated by increasing the maximum taxable proportion of benefits above the second threshold from 50 percent to 85 percent is credited to the Medicare Hospital Insurance Trust Fund.

ssa.gov
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