The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Annette Christine Conte has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
@@BSLO48 oh please there is no Project 2025 except in the minds of those who dreamed it up to distract from the election. Enough. Trumps plan was Project 47. What you SHOULD worry about is Project 2030..dreamed up by the left and the Soros worshipping nut bags..
@@bowdoin5063 Tell that to the people who were set to retire between 2007-2008 when their long saved 401's were wiped out. The problem with 401's is that companies pay less and less into them, and they can't be counted on to be there when you retire.
You understanding of social security is wrong. Please read up on it or you might find out when you are ready to retire. No, it's not taxing a tax. It started as a withholding that is not tax and may get tax when you take it out during your retirement. I said may since only 8 state really tax SSI and majority doesn't with zero income taxes or a threshold if you don't pass for that tax year period.
Except, the Govt. feels that we should pay tax on the portion exceeding what we have paid, but they are forgetting the thousands in interest, never paid on our contributions!
It always amazes me how Social Security is always in fear of going insolvent but the government never runs out of money for other social programs. Seniors have paid into the system so it’s NOT a handout
The issue is congress took money out of it with IOUs. They want to tell you it's insolvent since the money is never invested it should be. Now it's becomes a pyramid scheme where new money is paying the old. So that is why it's a problem. Also they never paid back on the IOUs. If they stop taking money and actually invested it, there would be so much money, it would be more than enough to pay everyone with higher monthly checks and enough to pay the national debt. But here we are....
@ well, I think it always was a pyramid scheme. You bring up a good point, but Instead of them investing it we should be able to invest it ourselves. If we could I’m sure it would surpass what they could do as they’ve shown a propensity for pissing away money
Yes, it is...BLAME RONALD REAGAN, who didn't apply the taxes you pay to save SS, but put the money towards "balancing the budget" Every president since has continued this travesty!
I've done it every year for the last 15 years. What Steve Forbes doesn't say is the number of single people on SS having an AGI of less than $25,000 and married couples earning less than $37,500. There are more than you think. It actually doesn't bother me that much to pay taxes on SS. My AGI is in six figures
It's ridiculous. And if you have a traditional IRA, they force you to withdraw every year starting around age 73, boosting your taxes and possibly increasing Medicare premiums.
I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early-might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.
You're absolutely right. I tried investing on my own for a while, but the market just wasn't working in my favor. Eventually, I hired an advisor, even though I was hesitant at first. To my surprise, I ended up beating the market by more than 25%. At first, I thought it was just luck, but it happened again the following year. Since then, I've stuck with having an analyst handle my investments.
Federal government is a bunch of damn Crooks ... they are too big for their britches ... we need less government and less involvement in our businesses @@hotrodray6802
Stop financing the 800 satellite military bases scattered all over the planet and SS will have plenty of funds. I resent paying for Ukrainian pensions when I don't even get one here is the USA! Screw all politicians.
The actual number owed is closer to $3 trillion, $2.7 trillion to be exact, but what’s another $700 billion when you’re running trillion dollar deficit?
Oh, it's WAY MORE than a mere 3 Trillion Dollars! hussein obama alone STOLE 765 Billion Dollars to pay for his "obama-care." And numerous other DEMONRATS have been "Hitting" OUR Social Security and Medicare Funds for over 50 years and NEVER paying back one dime!
Just like buying a used car. If that car gets sold and bought 10 times it gets taxed 10 times. The government won't allow double dipping and yet there is a double standard when it comes to them taking our money. Such a corrupt system.
Eliminate the wasteful spending in federal government and the free giveaways. Then there would be more than enough to support the no taxes on social security for retirees.
Also, playing Santa Claus around the world pretending that “we help” underdeveloped countries. Let them develop themselves just as we did: through hard work and sacrifices, not handouts from other countries. We don’t owe anything to anybody !
@@SandfordSmythe ALL government money are collected from people via taxation, printed or borrowed. Government does not generate any revenue. They just spend what they collect and obviously, in present case, spend a lot more than what is available.
Shouldn't be removed completely to prevent the ultra wealthy from hoarding assets in the family. Someone inheriting a billion dollars or whatever... not going to hurt them at all and closes a tax loophole. Feels like something in the $1 - 5MM range would be a good starting point, with estates smaller than that being tax-free and estates larger than that being tax free up to the threshold, and taxed for assets above it. Thoughts?
@@HoffmansHoopties My bet is you don't expect to pay that tax and don't have any idea how negatively it affects others. Jealousy does not make for sensible or just economic or tax policy.
@@markalexander832 If I am reading that right, the 2025 estate tax limit is $14 million dollars. Please recall the average lifetime earnings of a bachelor's degree holder is about $2-3M. So we're talking about inheriting the life's work of 5-7 people that goes COMPLETELY UNTAXED. What is there to be mad about?
99.9% people do not pay estate taxes when they pass currently, only if you have more than 6 million Dollars estate to pass on. So cutting estate taxes is for the super rich only.
@@HoffmansHoopties The life's work certainly does not go untaxed, as you claim. It is taxed year over year for a lifetime. The estate tax is double taxation, taxing for a second time anything that was saved and accumulated after being taxed a first time as income. This odious tax hits farmers and ranchers especially hard, making it difficult to pass a farm or ranch on to a second or third generation. A farm or ranch valued at $10-20 million may only generate enough income to provide for one family plus 2-3 employees. Inflation is to blame for the majority of the increased valuation from one generation to another. The estate tax is a socialist concept designed purely for the politics of envy.
Steve, the big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Shameful
@@JohnHallgren True, however if even just half the money I have had deducted from my paycheck over the years, had been in a 401k type account I would have millions by now. That is just criminal.
@@JohnHallgren- The deduction for SS (and likewise, Medicare) is a tax itself. You have no option to not participate; it is therefore a tax. These deductions amount to a Government operated and mandated Ponzi scheme, where new participants are paying into the scheme to pay out to the earlier participants (retirees). Taxing retirees on benefits is merely an attempt to reduce their promised payouts. Meanwhile, there is an income limit above which you no longer have any SS deductions. That makes no sense at all. Eliminate the income limit and deduct the same 6.2% on every taxable dollar earned from both employer and employee. Problem solved.
@@JohnHallgren Money designated for SS deducted from paychecks IS a tax! Anything deducted which is ordered by law is a tax, don't try skirting around the issue. SS was a tax the moment it became law in 1935. The life expectancy then was approx 68, with retirement at 65. The govt knew seniors would die off shortly after retirement - so therefore, it was a tax windfall for the federal govt - which was their purpose for enacting it in the first place. Remember, this was done during the 1930's depression era when jobs were all but non-existent. Raising taxes then would have been considered cruel. Doing it under the guise of social security made it acceptable. It's a tax!!
@@tommybotts a payroll tax is something that is NEVER returned to the payer, unless it was overcharged. Because the SS money is intended to be paid back to the worker, it’s thus not a tax. And it’s definitely NOT an income tax because it’s not paid to the IRS.
@ - so do you want to tax medicare benefits too? Because you aren’t paying any income tax on the medicare pre-tax withholdings from your earned income, and you later receive that money back in the form of medicare health benefits after you retire.
Stop with forgiveness of student loans, this stupid 25k for 1st time home buyers, 50k for small businesses, 7k for families with a new baby. Just get rid of the democrats and lower interest rates and everyone can afford this on their own without tax payers having to pay.
I’d much rather forgive student loans than continue the increase in spending year by year on our military budget. Pair that with money spent over seas and you can solve the bulk of our problems. Society was created so we could help those around us as well as be helped. I am assuming you’re a citizen, you should want your fellow citizens to get ahead in life. As it stands we as a people should want our fellow people to be happy, and successful.
The goverment doesnt need more money. The need to stop wasting and giving away the money they already get. Social security should have never been touched or given to people that never paid into it.
Both programs you paid in as withholding. Both should be taxed technically when you take it since it was never taxed as a starter. Medicare was intended enough to pay for the medical bill, but it skyrocketed as the health care corp got greedy. They are the one jacking up the prices. Also your Medicare (govt) tried to help by telling those healthcare company to take a hike on those outrages prices. Hence, why so many practices don't take Medicare and preferred regular insurances, since they get better pricing to gouge the consumer(you).
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Eliminate the income tax altogether. We had tariffs on products that were made in foreign countries that were brought into the country to fund the country. We had more of our own manufacturing facilities throughout the nation back then.
A great idea... until you find out it doesn't work... and proven time and time again... tariffs hurt Americans... again, proven time and time again....
All the waste and excess spending all over the world but here. Americans would want for nothing if that money was spent in the US on Americans needs FIRST before pledging billions out of the country.
@@thebes118 True. Heard of a NYC cop who was a small guy, but he would take the tip of his pencil and stick it up the nose of any rowdy drunk. It's amazing how quickly they sobered up enough to do whatever he said! It will take something extreme before Congress (both sides) will stop the spending and stop giving in to the lobbyists.
Social security payments were never supposed to be taxed, because the money that you put into the system was taxed before it went into the social security trust fund. In 1983 Joe Biden voted to tax social security payments. In 1993, he cast the deciding vote to tax social security payments up to 80%. They keep saying that the social security fund is in danger. Well, congress needs to replace the money that took out of the social security trust fund and placed it into the general budget, then spent it all. Plus, congress needs to pay the interest on the money they spent. You never hear one member of congress say their isn't enough money for welfare, and they will need to cut social security payments, they never say they will need to cut welfare payments. Congress needs to balance the budget, or they do not get paid until they balance the budget.
We could eliminate a truckload of the debt if we’d stop giving money away on foreign wars, illegal immigration, and on and on it goes. When the people have more of their own money to spend our economy thrives.
I think you people are totally ignorant of the concept of an ALLY! Let's dump on them and then, when we need their help, expect them to graciously help! Just IGNORANT! 🙄🙄🙄🙄😠
@@P.SnicksIt's ya that has the issue understanding what an ALLY is. Money doesn't make a friend, much less an ally. Actions do. Ya clearly pay for all ya "friends".
@@P.Snicks I personally can't think of any time that the USA actually RECIEVED help from any so called ally, and I'm over 70 years old. I remember many years ago when a Canadian had a story about all the help that the USA did for other countries, but we got no aid when we needed it most, at least up to the time of his remarks. We MAY have gotten aid for 9-11, but that was decades after that story.
When a household comes up short at the end of the month the first thing is to cut expenses. The government however spends even more. We have been borrowing money to pay the rent, so to say, and it won’t end pretty.
My ssn is $15,600 annually before taxes. That’s considered a poverty wage. I payed in for 46 years. Had I had access to my contributions I like many would be multi millionaires with no need for it. Then they *government* stole our money and squandered it away. Eliminating the tax won’t hurt a thing.
just update the earnings test for whatever they call it - the provisional income level - the 25k-34k check - that thing is OLD numbers, really old - has it ever been upped for inflation ? Should be something much higher before taxing. Really simple, leaves the lowest in a position where theirs aren't taxed at all and that's the best value to help seniors. That thing is as regressive as it gets - it make seniors poorer every year that passes.
Okay, there is a difference here. There is the part about benefits being taxable if you have income over a certain level. Then there is the part about benefits being REDUCED if you have income over a certain level. The second one is indexed.
@@reality9451 The person isn't left with less money because they acquire 2X what they'd have from SS on that marginal amount. I'm referring to the people who slide up out of the tested range. Also, that 1:2 benefit reduction ends at your FRA, the tested range stays in place.
Forget the ridiculousness of paying tax on a tax for a minute, generally speaking, those collecting socialism security have paid their fair share over the course of their working lives. Enough is enough, you earned your benefit you should be able to keep it. Same with property tax, once you’ve satisfied your mortgage taxation should stop (primary residence only)
I agree with everything you said except I don't see why they insist on calling it a benefit when all they're doing is returning what they took on their terms
It might take a Constitutional amendment to eliminate the income tax, but just because the Constitution allows you to collect an income tax, doesn't mean you have to. Keep the income tax but reduce all the rates to a fraction of a percentage, or 0. After a few years of people seeing the world doesn't end and that they get to keep their money, they'll clamor to eliminate it completely.
Correction: They would use inflation to make up any shortfall in social security. Your benefit will still be cut, it will just be cut in the reduction of its purchasing power.
I can tell he knows what he is talking about. If the money that goes into social security instead went into the stock market that amount collected at retirement would be at least three times higher and probably more than that.
1/2 of the benefit should be included in everyone's taxable income. A recipient is receiving benefits on the employer's contribution. Don't tax me on what I contributed.
Getting everybody to pay their fair share of taxes - teamwork - the only way to solve the dilemma. The problem is everyone gets accustomed to "the usual ways" and it all goes unchecked.
I worked for many years since young even ending up retiring from the military. After that I was fortunate enough to get a wonderful job with a public utility company where I paid into PERA until I retired again. But when I became the age to start drawing my SS I am penalized because I have a PERA income and receive about only a 3rd of what I am supposed to receive. This is called a "windfall" tax!! I should be able to receive my FULL SS!!!
It's really simple honestly: social security IS a tax. We don't really get a choice in the matter. Receiving social security is a rebate on taxes you've paid your whole life; taxing us on what we're getting BACK for what we've ALREADY PAID is frankly insulting.
Does Washinton know how to stop spending money? No, vote these drunken sailors out, this is not a popularity, contest, it is yyour money, wake up America.
In this day and age there should be a national sales tax on goods only. Politicians would then be required to back policies that grow production and employment.
Yes. And end the continuing resolution bullshit congress resorts to instead of cutting spending. We also need single item bills only and a stop to deficit spending. Be well
Get them to quit some of the social programs siphoning off of the S.S. account. Going to people that have not even contributed their own quarters by working
They should also investigate why auro insurance has more than doubled since last year and thats with a good driving record and credit score and a credit report shouldn't be a requiremen to have auto insurance
There are many Seniors retiring with generous pensions, million-dollar+ 401K/IRA, stock portfolios, real-estate income, etc. Many are retiring early and purchasing their own health-care. For these retirees, I stay keep the tax on SS and they should exempt from COLA increases. Any retiree with non-social security income that exceeds their SS benefit should still be taxed on SS distributions and except from COLA increases. Only those retirees with their only source of income from SS would receive their benefits tax free and be eligible for the COLA increases.
Eliminate the personal income tax and enact a national sales tax. It will take in far more revenue and the people that now pay income tax will get a break because the rest of the country that doesn't pay income tax will finally contribute. The rich will pay more because they buy more goods and the goods that they buy are more expensive.
I’ve said for years that they should allow for a privatized Social Security system. If you sign up for it, you have to prove that you’ve contributed the allocated amount annually with your taxes or the government will take it over for you. As long as you are saving in a private account that matches what is required then you’re good to go. Problem with that scenario is the government doesn’t like not having control over a large percentage of your income.
REMOVE INCOME TAX. At minimum remove the INCOME Tax for those who make under $150k a year, while adding tax brackets for those who make $1 million a year. Then another tax bracket for those who make over $3million a year. The middle/low class should not be taxed. While the filthy rich should be taxed.
Those people making a million plus don't pay taxes anyways. The $150K is still middle class. Ya would have to have the minimum at 500k to get out of the middle class, and even they often don't pay. Why complicate things? Just get rid of it all so there is no IRS.
@@marksongbird7534 A Flat tax is the worst option. It would increase the taxes on the middle class and poor. The rich would just leave. Businesses would leave. Long term, it might be OK, but the economy couldn't handle the shock and would collapse beforehand. This is why removing income tax completely is the best option. It will put more money in the hands of Americans, which is a boost to the economy.
Let’s go further and cap tax on IRA withdrawals after age 65 to 10%. Seniors are getting crushed in this economy and life savings are burning faster than we can die.
Get all the money back from Ukraine and it will become solvent again. Stop giving our American Tax dollars to everyone else in the world beside the ones that are being taxed. If the Government wouldn't have taken my money for Social Security and I had been able to put it into my own account, I could be retired at 65 and living a nice life. Instead, I'll work until 70+ and hope I can live at all. Thank you, Government!
How about no taxes on pension under 75,000 a Year we have paid enough in taxes federal and state stop giving money to people that never worked in this country
Social Security and Medicare are both pay as you go programs. The excess monies collected from payroll taxes to fund and support the two programs have gone into the general fund to be spent. In return the respective agencies have received a non interest bearing Treasury backed “IOU”. There is no actual investment fund and never has been. Currently, Social Security is owed $2.7 trillion. What if the excess payments collected since Social Security was established had actually been invested in instead in conventional interest bearing U.S. Treasury bonds?
End the income tax across the board it’s unconstitutional. Show me where it says IRS in the constitution, bill of rights, or the declaration of independence
Perhaps you've never read the 16th Amendment?? It's an amendment to the Constitution, our governing document. It was passed by Congress and 3/4 of the states at the time it was written. Like it or not, the income tax is constitutional.
@@tommybottsthe income tax was instituted to fund the war and was supposed to go away when the war was over! People should understand why Democrats like forever wars!
I never understood the nerve of people defending a system where I receive back less than 35% of my money previously taken, and then taxed upon the little money returned. Can any Dem explain how that is "fair"?
Fine. Now eliminate all the tipping & other fees on merchant receipts that are used to PAY THE SERVERS SALARIES!!! These fees are 15 to 40!!!!!! We, their customers, are being very rudely treated by entitled servers and robbed!!! Do something!!!!!!
Isn't it funny your taxed when you are putting it in social security. Then your taxed when you receive it. The problem is the government can't keep their hands off it.
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Hello, I'm curious to give this a try. Please who is your advisor and how do I get in touch?
Annette Christine Conte has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Senior citizens on Social Security, could use some breaks for a change !
Check out the project 2025 document. It talks about cutting Social Security (page 691).
@@BSLO48Nobody cares what that half-baked undergrad research paper has in it. It's toilet paper.
@@BSLO48 It should be eliminated and replaced with a mandatory 401K
@@BSLO48 oh please there is no Project 2025 except in the minds of those who dreamed it up to distract from the election. Enough. Trumps plan was Project 47. What you SHOULD worry about is Project 2030..dreamed up by the left and the Soros worshipping nut bags..
@@bowdoin5063 Tell that to the people who were set to retire between 2007-2008 when their long saved 401's were wiped out. The problem with 401's is that companies pay less and less into them, and they can't be counted on to be there when you retire.
Taxing a tax should be outlawed.
You understanding of social security is wrong. Please read up on it or you might find out when you are ready to retire. No, it's not taxing a tax. It started as a withholding that is not tax and may get tax when you take it out during your retirement. I said may since only 8 state really tax SSI and majority doesn't with zero income taxes or a threshold if you don't pass for that tax year period.
@@kito1sanAnd, unless you retired early and continued working, or have a ton of income, it's unlikely you pay tax on your Social Security now.
really been said for over 100 years yakking solves noting
Except, the Govt. feels that we should pay tax on the portion exceeding what
we have paid, but they are forgetting the thousands in interest, never paid
on our contributions!
Technically Social Security is not a tax. But it's nice to know that we are not going to be taxed on it anymore
It always amazes me how Social Security is always in fear of going insolvent but the government never runs out of money for other social programs. Seniors have paid into the system so it’s NOT a handout
Other Social Programs? How about the $100 + Billion that Biden handed over to the Ukrainian Runt?
Most social programs are not staffed or funded well. The need far outweighs the resources.
How much tax do they collect from welfare?
The issue is congress took money out of it with IOUs. They want to tell you it's insolvent since the money is never invested it should be. Now it's becomes a pyramid scheme where new money is paying the old. So that is why it's a problem. Also they never paid back on the IOUs. If they stop taking money and actually invested it, there would be so much money, it would be more than enough to pay everyone with higher monthly checks and enough to pay the national debt. But here we are....
@ well, I think it always was a pyramid scheme. You bring up a good point, but Instead of them investing it we should be able to invest it ourselves. If we could I’m sure it would surpass what they could do as they’ve shown a propensity for pissing away money
Having to pay a tax on a tax is absurd.
Yes, it is...BLAME RONALD REAGAN, who didn't apply the taxes you pay to save SS, but put the money towards "balancing the budget" Every president since has continued this travesty!
I've done it every year for the last 15 years.
What Steve Forbes doesn't say is the number of single people on SS having an AGI of less than $25,000 and married couples earning less than $37,500. There are more than you think.
It actually doesn't bother me that much to pay taxes on SS. My AGI is in six figures
People already don't pay taxes on SS after full retirement so who cares.
It's ridiculous. And if you have a traditional IRA, they force you to withdraw every year starting around age 73, boosting your taxes and possibly increasing Medicare premiums.
IT AGAINST THE LAW !
BUT WE HAVE NO LAW INFORCEMENT !
I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early-might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.
Building wealth comes from making smart financial choices. Having a mentor is crucial if you're not familiar with the economy.
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@@mikegarvey17That's quite impressive! Can you share more information about your financial advisor?
Her name is ' Izella Annette Anderson ' Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
How about the federal government pay back the money they borrowed from SS. Stop giving money to people who have never paid into the system.
Who do you think that the Federal government is ???
Federal government is a bunch of damn Crooks ... they are too big for their britches ... we need less government and less involvement in our businesses @@hotrodray6802
@@hotrodray6802 But WHO pushed it through every time it got stolen ?????
Stop financing the 800 satellite military bases scattered all over the planet and SS will have plenty of funds. I resent paying for Ukrainian pensions when I don't even get one here is the USA! Screw all politicians.
They didn't borrow they stole it.
Social Security payments never should have been taxed. We paid a tax to earn this benefit.
In Australia, SS has never been taxed ... America is a long way behind the free world !
Contributions to SS and medicare are pre tax. They are taxed in retirement just like withdrawls from 401K would be.
Blame Reagan. 😂 He's the one that signed the law that taxes social security.
@@JasonLarsen-t3v Maybe we should get that money back.
@@JasonLarsen-t3v The tax would happen anyway.
Maybe the government could pay back social security the three trillion it owes.
…plus interest.
The actual number owed is closer to $3 trillion, $2.7 trillion to be exact, but what’s another $700 billion when you’re running trillion dollar deficit?
Oh, it's WAY MORE than a mere 3 Trillion Dollars! hussein obama alone STOLE 765 Billion Dollars to pay for his "obama-care." And numerous other DEMONRATS have been "Hitting" OUR Social Security and Medicare Funds for over 50 years and NEVER paying back one dime!
Totally agree!! PLUS INTEREST
You mean the money STOLEN from social secruity!
Taxes on Social Security is a crime! That is taxing us TWICE on the money we already paid taxes on!
Just like buying a used car. If that car gets sold and bought 10 times it gets taxed 10 times. The government won't allow double dipping and yet there is a double standard when it comes to them taking our money. Such a corrupt system.
Eliminate the wasteful spending in federal government and the free giveaways. Then there would be more than enough to support the no taxes on social security for retirees.
Totally separate budgets by law
Elon is going to fix all the waste!
If we did that, the Dems wouldn't have anything to bribe their voters!!!
@@ManNomad like he did with the election!
Yes, Fire all those new 'additional' IRS agents that were included in the last 1.7 Trillion dollar Bill that was passed by a single party.
Shouldn't have to pay for Medicare or taxes after retirement
that's because many in DC are just plain crooks.
The loss of revenues from not taxing SS benefits can be offset by not spending money on endless foreign wars.
Right. As just one example.
It will never happen. Follow the money....the defense contractors and industry are booming.
Also, playing Santa Claus around the world pretending that “we help” underdeveloped countries.
Let them develop themselves just as we did: through hard work and sacrifices, not handouts from other countries.
We don’t owe anything to anybody !
SS tax money goes to SS. The federal budget is separate.
@@SandfordSmythe
ALL government money are collected from people via taxation, printed or borrowed.
Government does not generate any revenue.
They just spend what they collect and obviously, in present case, spend a lot more than what is available.
We need to end THE EASTATE TAX! Thats crooked! A person passes? And they pay taxes??? Come on!!!
Shouldn't be removed completely to prevent the ultra wealthy from hoarding assets in the family. Someone inheriting a billion dollars or whatever... not going to hurt them at all and closes a tax loophole. Feels like something in the $1 - 5MM range would be a good starting point, with estates smaller than that being tax-free and estates larger than that being tax free up to the threshold, and taxed for assets above it. Thoughts?
@@HoffmansHoopties My bet is you don't expect to pay that tax and don't have any idea how negatively it affects others. Jealousy does not make for sensible or just economic or tax policy.
@@markalexander832 If I am reading that right, the 2025 estate tax limit is $14 million dollars. Please recall the average lifetime earnings of a bachelor's degree holder is about $2-3M. So we're talking about inheriting the life's work of 5-7 people that goes COMPLETELY UNTAXED. What is there to be mad about?
99.9% people do not pay estate taxes when they pass currently, only if you have more than 6 million Dollars estate to pass on. So cutting estate taxes is for the super rich only.
@@HoffmansHoopties The life's work certainly does not go untaxed, as you claim. It is taxed year over year for a lifetime. The estate tax is double taxation, taxing for a second time anything that was saved and accumulated after being taxed a first time as income. This odious tax hits farmers and ranchers especially hard, making it difficult to pass a farm or ranch on to a second or third generation. A farm or ranch valued at $10-20 million may only generate enough income to provide for one family plus 2-3 employees. Inflation is to blame for the majority of the increased valuation from one generation to another. The estate tax is a socialist concept designed purely for the politics of envy.
Steve, the big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Shameful
@@JohnHallgren True, however if even just half the money I have had deducted from my paycheck over the years, had been in a 401k type account I would have millions by now. That is just criminal.
@@JohnHallgren- The deduction for SS (and likewise, Medicare) is a tax itself. You have no option to not participate; it is therefore a tax. These deductions amount to a Government operated and mandated Ponzi scheme, where new participants are paying into the scheme to pay out to the earlier participants (retirees).
Taxing retirees on benefits is merely an attempt to reduce their promised payouts. Meanwhile, there is an income limit above which you no longer have any SS deductions. That makes no sense at all. Eliminate the income limit and deduct the same 6.2% on every taxable dollar earned from both employer and employee. Problem solved.
@@JohnHallgren Money designated for SS deducted from paychecks IS a tax! Anything deducted which is ordered by law is a tax, don't try skirting around the issue. SS was a tax the moment it became law in 1935. The life expectancy then was approx 68, with retirement at 65. The govt knew seniors would die off shortly after retirement - so therefore, it was a tax windfall for the federal govt - which was their purpose for enacting it in the first place. Remember, this was done during the 1930's depression era when jobs were all but non-existent. Raising taxes then would have been considered cruel. Doing it under the guise of social security made it acceptable. It's a tax!!
@@tommybotts a payroll tax is something that is NEVER returned to the payer, unless it was overcharged. Because the SS money is intended to be paid back to the worker, it’s thus not a tax. And it’s definitely NOT an income tax because it’s not paid to the IRS.
@ - so do you want to tax medicare benefits too? Because you aren’t paying any income tax on the medicare pre-tax withholdings from your earned income, and you later receive that money back in the form of medicare health benefits after you retire.
How about capping / eliminating property tax for seniors? They've paid enough.
Let seniors make as much as they want , it helps with everything
Stop with forgiveness of student loans, this stupid 25k for 1st time home buyers, 50k for small businesses, 7k for families with a new baby. Just get rid of the democrats and lower interest rates and everyone can afford this on their own without tax payers having to pay.
Some jobs will allow workers in high need areas to have their loans paid off.
I’d much rather forgive student loans than continue the increase in spending year by year on our military budget. Pair that with money spent over seas and you can solve the bulk of our problems. Society was created so we could help those around us as well as be helped. I am assuming you’re a citizen, you should want your fellow citizens to get ahead in life. As it stands we as a people should want our fellow people to be happy, and successful.
So sayeth a $500 a week millionaire.
Stop government loans, PEROID!
Communistswant to tax everyone, eventhing
The goverment doesnt need more money. The need to stop wasting and giving away the money they already get. Social security should have never been touched or given to people that never paid into it.
I agree. Anna In Ohio
SS has always remained in SS.
@@SandfordSmythe Still you're completely wrong.
@bite-sizedshorts9635 You understand the mandated process of SS buying government bonds with any surplus funds it has?
That starts with George W Bush
YOU CANT FIX STUPID AND WASHINGTON HAS A LOT OF IT
Correct. It cannot be fixed, but it can be wiped out.
Drain the swamp!
WHAT?
Actually it's those little Red Hats that help the rest of us identify stupid.
Of course you can put a stop to the corruption.
Should get rid of the penalty for working while on social security
It does go away after 70
If they would do away with income tax on SS and do away with the WEP, I would get a nice raise and would pay less for my Medicare.
Both programs you paid in as withholding. Both should be taxed technically when you take it since it was never taxed as a starter. Medicare was intended enough to pay for the medical bill, but it skyrocketed as the health care corp got greedy. They are the one jacking up the prices. Also your Medicare (govt) tried to help by telling those healthcare company to take a hike on those outrages prices. Hence, why so many practices don't take Medicare and preferred regular insurances, since they get better pricing to gouge the consumer(you).
What’s WEP?
Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time
Trading without professional guide...Huh i laugh you, because you will remain where you are or even make huge loses that will stop you from trading, this has been one of the biggest problem to new traders
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds.
The thing is people often doubt the prospects of financial advisors like Julianne Iwersen Niemann in business/markets today.
Thank you Mr Forbes, as one SS recipient to another.
Mr Forbes sold his company to the Chinese. He now is just a paid employee.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
pls how can I reach this expert, I need someone to help me manage my portfolio
Melissa Terri Swayne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the year on a woodnote financially..
Eliminate the income tax altogether. We had tariffs on products that were made in foreign countries that were brought into the country to fund the country. We had more of our own manufacturing facilities throughout the nation back then.
A great idea... until you find out it doesn't work... and proven time and time again... tariffs hurt Americans... again, proven time and time again....
Yes, but what we didn’t have are forever wars whose only purpose is to enrich the political class.
At the very least, change the thresholds to give seniors a break. Its ridiculous that they have never been adjusted.
All the waste and excess spending all over the world but here. Americans would want for nothing if that money was spent in the US on Americans needs FIRST before pledging billions out of the country.
HOW ABOUT THEY JUST LEAVE IT IN OUR POCKETS IN THE FIRST PLACE
eliminate all income tax. it was supposed to be temporary when it started but you know how it goes with the government....
100% agree. Maybe Congress should try something novel and cut spending!
Hard to stop a drunken sailor..
@@thebes118 True. Heard of a NYC cop who was a small guy, but he would take the tip of his pencil and stick it up the nose of any rowdy drunk. It's amazing how quickly they sobered up enough to do whatever he said! It will take something extreme before Congress (both sides) will stop the spending and stop giving in to the lobbyists.
@@GreatDataVideos Lobbying needs to be severely curtailed, if not outright made illegal, particularly to foreign influences.
@@edb3877 Totally agree. It's legalized bribery.
Including your pet program?
Social security payments were never supposed to be taxed, because the money that you put into the system was taxed before it went into the social security trust fund. In 1983 Joe Biden voted to tax social security payments. In 1993, he cast the deciding vote to tax social security payments up to 80%. They keep saying that the social security fund is in danger. Well, congress needs to replace the money that took out of the social security trust fund and placed it into the general budget, then spent it all. Plus, congress needs to pay the interest on the money they spent. You never hear one member of congress say their isn't enough money for welfare, and they will need to cut social security payments, they never say they will need to cut welfare payments. Congress needs to balance the budget, or they do not get paid until they balance the budget.
AFT someone starts looking out for the lifelong tax paying American Seniors.
Income tax needs to be repealed for individuals. Govt is and has proven to be a completely untrustworthy steward of our money.
We could eliminate a truckload of the debt if we’d stop giving money away on foreign wars, illegal immigration, and on and on it goes. When the people have more of their own money to spend our economy thrives.
"Foreign wars," make American billionaires richer!!!
I think you people are totally ignorant of the concept of an ALLY! Let's dump on them and then, when we need their help, expect them to graciously help! Just IGNORANT! 🙄🙄🙄🙄😠
@@P.SnicksIt's ya that has the issue understanding what an ALLY is. Money doesn't make a friend, much less an ally. Actions do. Ya clearly pay for all ya "friends".
@@P.Snicks I personally can't think of any time that the USA actually RECIEVED help from any so called ally, and I'm over 70 years old. I remember many years ago when a Canadian had a story about all the help that the USA did for other countries, but we got no aid when we needed it most, at least up to the time of his remarks. We MAY have gotten aid for 9-11, but that was decades after that story.
@@bwellman1953 Think back to the first and second war with Iraq. It wasn't that long ago.
How about cutting spending?
The question is where are the priorities? For instance if there were a proposal to cut from the VA, there might be a civil war.
When a household comes up short at the end of the month the first thing is to cut expenses. The government however spends even more. We have been borrowing money to pay the rent, so to say, and it won’t end pretty.
Release the hounds! Elon!
The SS Fund is independent of budget spending.
Hahahahahahahahahahahahahahaha!!!....wait,... are you serious?
Isn’t SS Withdrawal a tax anyway. Why tax a tax. Surprised they haven’t put a tax on tax refunds.
Another great explaination and ideas from Steve Forbes!!! Thank you for speaking out on this.
Taxing a Tax is absurd to begin with.
Get rid of a chunk of government and regulations and you can save even more!!!!
Stop giving out to other countries and maintain in the US, and there's even more
I volunteer the state department. Most Over funded agency out there. those guys live like kings.
@TheGunnyBadger03xx we could save American lives by abolishing the ATF.
@@HughButler-lb6zs Alcohol, tobacco, and firearms should be a one-stop convenience store, not a government agency.
Actually this is double taxation. Our forefathers fought against this.
I’ve always liked you Steve. You’re a great mind of finance. I wish you could have a spot in his cabinet.
Agree. The threshold has never been indexed for inflation!
Which the US Gov causes via excessive spending. 😕
❤End The FED❤
My ssn is $15,600 annually before taxes. That’s considered a poverty wage. I payed in for 46 years. Had I had access to my contributions I like many would be multi millionaires with no need for it. Then they *government* stole our money and squandered it away. Eliminating the tax won’t hurt a thing.
Rule one to balance the federal government: stop ALL monies leaving this country. Then I woke up!! The three ring circus will never do this !
Absolutely nothing to do with SS
Income taxes paid on SS does not go to the SS Trust Fund.
I think it does. That's the whole point of taxing SS income, to keep the SS Trust Fund afloat longer.
@@Lokie-cd2hw So wrong….please stop if you’re clueless 🙄
Easily researched
@@SandfordSmythe ✅
just update the earnings test for whatever they call it - the provisional income level - the 25k-34k check - that thing is OLD numbers, really old - has it ever been upped for inflation ? Should be something much higher before taxing. Really simple, leaves the lowest in a position where theirs aren't taxed at all and that's the best value to help seniors. That thing is as regressive as it gets - it make seniors poorer every year that passes.
Okay, there is a difference here. There is the part about benefits being taxable if you have income over a certain level. Then there is the part about benefits being REDUCED if you have income over a certain level. The second one is indexed.
@@reality9451 doesn't the second one go away after you reach FRA - the reduction based on earnings - the 1 reduction for 2 earned ?
@@reality9451 The person isn't left with less money because they acquire 2X what they'd have from SS on that marginal amount. I'm referring to the people who slide up out of the tested range. Also, that 1:2 benefit reduction ends at your FRA, the tested range stays in place.
Agree. Doesn't seem fair at all. Smacks of double taxation.
@@JohnHallgren Money was removed from your pay. For SS.
@@JohnHallgren Yes you did. The W2 form you receive yearly - look at box 4. "SOCIAL SECURITY TAX WITHELD".
@@lmnob ok, so I misremembered from 23 years ago when I got my last W2…I had deleted my other comments but missed this one.
They assume that the taxes collected from social security is paid into social security,, it goes into the the general fund taxes
Goes to SS. Look it up.
@@SandfordSmythe FICA taxes go into the trust funds. General income taxes go into the general funds.
@@reality9451 Taxes on SS income also go to SS. That was the idea.
Thank goodness someone is helping the old and retired folk!!!
Forget the ridiculousness of paying tax on a tax for a minute, generally speaking, those collecting socialism security have paid their fair share over the course of their working lives. Enough is enough, you earned your benefit you should be able to keep it. Same with property tax, once you’ve satisfied your mortgage taxation should stop (primary residence only)
I agree with everything you said except I don't see why they insist on calling it a benefit when all they're doing is returning what they took on their terms
It might take a Constitutional amendment to eliminate the income tax, but just because the Constitution allows you to collect an income tax, doesn't mean you have to. Keep the income tax but reduce all the rates to a fraction of a percentage, or 0. After a few years of people seeing the world doesn't end and that they get to keep their money, they'll clamor to eliminate it completely.
lol I like the last paragraph
Correction: They would use inflation to make up any shortfall in social security.
Your benefit will still be cut, it will just be cut in the reduction of its purchasing power.
That's better than paying more taxes for your child credit and student loans
Ya know SS also pays income tax. Right? It is actually taxed before it goes in and after.
@@lescobrandon8443 yeah, criminal. And they haven’t adjusted the threshold for being taxed since 1983.
Why didn't he do it last time?
Our reduction in purchasing power has been happening for the past 4 years under this ridiculous Biden/Harris Regime. Hence, it's a tax!
I can tell he knows what he is talking about. If the money that goes into social security instead went into the stock market that amount collected at retirement would be at least three times higher and probably more than that.
MORE so, give us 6% interest earned over the amount of years this money was stolen from us!
Maybe we can get Zelinsky to pay back the money we gave him to fund his war!
what about Natan Yahoo he is robbing our system too.
don't hold your breath
It will help us to pay our rising car and house insurance, grocery bill, water bill, electricity etc.
We the people already pay the taxes on Social security,No double taxes should be charged .
Eliminating the tax on a fixed income social security is a good idea and good for business.
1/2 of the benefit should be included in everyone's taxable income. A recipient is receiving benefits on the employer's contribution. Don't tax me on what I contributed.
INCOME TAX PERIOD full stop
100%!
Getting everybody to pay their fair share of taxes - teamwork - the only way to solve the dilemma. The problem is everyone gets accustomed to "the usual ways" and it all goes unchecked.
I worked for many years since young even ending up retiring from the military. After that I was fortunate enough to get a wonderful job with a public utility company where I paid into PERA until I retired again. But when I became the age to start drawing my SS I am penalized because I have a PERA income and receive about only a 3rd of what I am supposed to receive. This is called a "windfall" tax!! I should be able to receive my FULL SS!!!
Yes
It's really simple honestly: social security IS a tax. We don't really get a choice in the matter. Receiving social security is a rebate on taxes you've paid your whole life; taxing us on what we're getting BACK for what we've ALREADY PAID is frankly insulting.
Does Washinton know how to stop spending money? No, vote these drunken sailors out, this is not a popularity, contest, it is yyour money, wake up America.
Eliminate tax on overtime. We shouldn’t penalize people for working harder.
In this day and age there should be a national sales tax on goods only.
Politicians would then be required to back policies that grow production and employment.
Yes. And end the continuing resolution bullshit congress resorts to instead of cutting spending. We also need single item bills only and a stop to deficit spending. Be well
This hurts the poor who spend their money on daily goods.
amen. And we would’ve had it in 2000, if the Republicans hadn’t pushed Bush on us so hard.
Get them to quit some of the social programs siphoning off of the S.S. account. Going to people that have not even contributed their own quarters by working
@ Exactly, thank you for the example ! I have a couple of family members who do the same.
Need to pay in or family pay in.
You are confusing it with SSI
They should also investigate why auro insurance has more than doubled since last year and thats with a good driving record and credit score and a credit report shouldn't be a requiremen to have auto insurance
There are many Seniors retiring with generous pensions, million-dollar+ 401K/IRA, stock portfolios, real-estate income, etc. Many are retiring early and purchasing their own health-care. For these retirees, I stay keep the tax on SS and they should exempt from COLA increases. Any retiree with non-social security income that exceeds their SS benefit should still be taxed on SS distributions and except from COLA increases. Only those retirees with their only source of income from SS would receive their benefits tax free and be eligible for the COLA increases.
Eliminate the personal income tax and enact a national sales tax. It will take in far more revenue and the people that now pay income tax will get a break because the rest of the country that doesn't pay income tax will finally contribute. The rich will pay more because they buy more goods and the goods that they buy are more expensive.
The 16th Amendment would have to be repealed before enacting a national sales tax, otherwise, we'd be stuck with both!
@@tommybotts I'm all for it!
We shouldn’t be taxed on sos
Why should I pay taxes on money I've paid into Social Security?
I’ve said for years that they should allow for a privatized Social Security system. If you sign up for it, you have to prove that you’ve contributed the allocated amount annually with your taxes or the government will take it over for you. As long as you are saving in a private account that matches what is required then you’re good to go. Problem with that scenario is the government doesn’t like not having control over a large percentage of your income.
We pay too many taxes. Then it's spent by a bunch of corrupt idiots.
Pay for all these tax cuts by dramatically reducing the size of the government, starting with those 80,000 new IRS employees.
REMOVE INCOME TAX. At minimum remove the INCOME Tax for those who make under $150k a year, while adding tax brackets for those who make $1 million a year. Then another tax bracket for those who make over $3million a year. The middle/low class should not be taxed. While the filthy rich should be taxed.
Those people making a million plus don't pay taxes anyways. The $150K is still middle class. Ya would have to have the minimum at 500k to get out of the middle class, and even they often don't pay. Why complicate things? Just get rid of it all so there is no IRS.
Just make a flat tax, that way everyone pays their fair share.
@@marksongbird7534 A Flat tax is the worst option. It would increase the taxes on the middle class and poor. The rich would just leave. Businesses would leave.
Long term, it might be OK, but the economy couldn't handle the shock and would collapse beforehand. This is why removing income tax completely is the best option. It will put more money in the hands of Americans, which is a boost to the economy.
Let’s go further and cap tax on IRA withdrawals after age 65 to 10%. Seniors are getting crushed in this economy and life savings are burning faster than we can die.
Get all the money back from Ukraine and it will become solvent again. Stop giving our American Tax dollars to everyone else in the world beside the ones that are being taxed. If the Government wouldn't have taken my money for Social Security and I had been able to put it into my own account, I could be retired at 65 and living a nice life. Instead, I'll work until 70+ and hope I can live at all. Thank you, Government!
No kidding. How many times do we have to pay taxes on this money?!?!?!? The US Congress is truly a GREEDY bunch of thieves.
How about no taxes on pension under 75,000 a Year we have paid enough in taxes federal and state stop giving money to people that never worked in this country
Because Social Security was a collected tax from our paychecks. Double taxing is wrong.
We paid taxes on our money when we EARNED it !!
The sound of reason !! Thank you Mr. Forbes
Social Security and Medicare are both pay as you go programs. The excess monies collected from payroll taxes to fund and support the two programs have gone into the general fund to be spent. In return the respective agencies have received a non interest bearing Treasury backed “IOU”. There is no actual investment fund and never has been.
Currently, Social Security is owed $2.7 trillion. What if the excess payments collected since Social Security was established had actually been invested in instead in conventional interest bearing U.S. Treasury bonds?
All SS funds are invested in interest bearing government bonds.
President Roosevelt said that SS benefits would never be taxed; just another reason we so distrust the US Government.
End the income tax across the board it’s unconstitutional. Show me where it says IRS in the constitution, bill of rights, or the declaration of independence
Is simply robbery
Apparently the US Constitution is the same as the Declaration of Independence?
@@Rhaman68 Who wrote that? Weak.
Perhaps you've never read the 16th Amendment?? It's an amendment to the Constitution, our governing document. It was passed by Congress and 3/4 of the states at the time it was written. Like it or not, the income tax is constitutional.
@@tommybottsthe income tax was instituted to fund the war and was supposed to go away when the war was over! People should understand why Democrats like forever wars!
SS should not be taxed period, spend less money as a government!!!
The taxes on Social Security income goes into the General Fund. There is a separate tax that funds Social Security.
It was created to help SS by giving it more money
I never understood the nerve of people defending a system where I receive back less than 35% of my money previously taken, and then taxed upon the little money returned. Can any Dem explain how that is "fair"?
Steve Forbes is a great man.
Yes, it is the perfect way to destroy Social Security!
Fine. Now eliminate all the tipping & other fees on merchant receipts that are used to PAY THE SERVERS SALARIES!!! These fees are 15 to 40!!!!!! We, their customers, are being very rudely treated by entitled servers and robbed!!! Do something!!!!!!
The amount subject to income tax should have at least been indexed for inflation over the last 40 years.
The abc agencies need to be gotten rid of.😊
Rep. Massey from Kentucky has been submitting bills to do this for 7 years. IT WASN'T TRUMP'S IDEA. But more power to him if it can get done.
Social security isn't government money
Balance the budget, quit throwing away federal funds on BS projects likes the ridiculous new green deal, border openings, wars, etc.
Excellent Analysis 🙂
Isn't it funny your taxed when you are putting it in social security. Then your taxed when you receive it. The problem is the government can't keep their hands off it.