If the 91 year old woman was receiving Social Security AND SSI, which is income based, and inherited a large amount of money, she should lose her added SSI. And she should pay the same inheritance tax as everyone else. Why would you find this story strange?
So SSI ISN'T for all Americans? Inheritance tax=double taxation The money wasn't earned and has been taxed before.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
She received a monthly federal ss check amounting to $1049. That's it!
There is no inheritance tax.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
THE ONLY THING WRONG WITH THIS CALCULATION IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY COLLECTED THEIR SOCIAL SECURITY!!!! WHERE DID THAT MONEY GO?????????????
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500.
If you calculate the future value of $4,500 per year (yours & your employer's contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Entitlement my a**, I paid cash for my social security insurance!!!! Just because they borrowed the money, doesn't make my benefits some kind of charity or handout!!
Congressional benefits ---- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare, and they have the nerve to call my social security retirement entitlements?
They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives and now when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Remember Bumble all the money you, me, and everyone else paid into Social Security is paying for all the benefits that the thieves in Congress have used to pay for all their salaries, health-care, and pensions. Doesn't that make you feel good.
Social security is an 'insurance' (assurance) of the:
"at least we have something".....get it....the least....but it turns out to take up MOST of the conversation......KILL IT so we dont have to keep chasing the least......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
So SSI ISN'T for all Americans? Inheritance tax=double taxation The money wasn't earned and has been taxed before.
SSI is for all Americans who need it... which MAY be all of us. No one knows what the future brings. Many who had their savings invested for a comfortable retirement may end up on SSI because the Bush Economic Meltdown took all of their investments. SSI is for ALL Americans who qualify... Just like the Tax Cut for the Rich. I don't qualify for either.
Inheritance Tax = Double Taxation. Kind of like the Double Tax Cut for the Rich. They got a tax cut on their income... then hid the rest so they pay NO TAX. Meanwhile the working man who's paid for the Tax Cut for the Rich, has nothing to leave to his kids... they don't have to worry about an inheritance tax... the Rich took their inheritance.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
yes tax the rich obamas bushes clintons and the over five hundred others down their running this dog and pony show weak creatures who are afraid of fending for themselves. Not the fittest, we dont need no nanny state to help us to evolve. eliminate government and the strong will survive humans will outlive government
We didnt come this far to get this far. random 12 year old
A slave is someone that waits for someone else to free him. Ezra Pound
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Ok....so here is my question......if you have a 403b pension, that you pay into through your place of employment....and don't pay taxes on it before hand....does the person who inherits it, aka the beneficiary, have to pay taxes on it when they receive it? Is it still considered an 'inheritance'?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
I am rich compared to ALOT of folks.....what are you?
I have "enough" money... some people would call that 'rich'.
~ "If you can actually count your money, then you're not a rich man." J. Paul Getty
~ "If you can count your money, you don't have a billion dollars." J. Paul Getty
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The amount of money you have may not be worth the PAPER that it's printed on when the government keep devaluing it and the dollar ends up being worth 5 cents.
The amount of money you have may not be worth the PAPER that it's printed on when the government keep devaluing it and the dollar ends up being worth 5 cents.
because there wont be paper.....we will be 'credit score valued'......
1. alot of companies ask for credit reports upon application 2. back ground checks 3. direct deposit 4. auto pay 5. digital banking 6. atm cards/smart tech apps 7. when doing taxes you can upload all info right to the turbo tax form, just 1 button away 8. soon they will add a HIPPA score, hidden under another title of course
national grid/phone/cable all add to the number.....the government will gauge what is fair based upon the over population 'credit score value'....let's hear it for Moody's and the other rating agencies.....it will become up close and more personal than just geographic areas, ie: urban, suburban, rural, farm etc etc........
be prepared to be filleted like a fish
"Thank you for working today Mr.Smith. Your units will be deposited into your account. Your physical is scheduled on 1/22/12 at 9AM. You must go or 20units will be deducted from your account every day you do not go. Have a nice day Mr.Smith"
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Logged
