In article ,
says...

On Tue, 12 Apr 2011 17:44:51 -0500, Boating All Out
wrote:

http://www.ssa.gov/oact/progdata/fundFAQ.html#n7
"Far from being "worthless IOUs," the investments held by the trust
funds are backed by the full faith and credit of the U. S. Government.
The government has always repaid Social Security, with interest. The
special-issue securities are, therefore, just as safe as U.S. Savings
Bonds or other financial instruments of the Federal government."

... and the full faith and credit of the government is exactly what is
at stake here. SS has never run a deficit before so we are in virgin
territory here.

It's not virgin territory.
http://fpc.state.gov/documents/organization/51264.pdf
The SS Trust Fund itself was in the red for many years up to 1984.
Right now it's flush with over $2T.

Things were great when SS generated billions of extra money for the
government to spend. The open question is how they will pay it back
now that we are spending 166% of revenue..

That's a spending and general revunue problem.
Got nothing to do with SS.


And I say it's not. Because it's not means-tested.
So there. nannanananannana

Of course it is means tested right now. They taxed away almost 3
percent of mine this year based on my "means" and that number will
surely go up in the future.


That's not means testing. It's the progressive income tax system.
You were taxed on income, not means.
You could be a billionaire drawing SS and if you play your cards right
none of your SS will be taxed.


Uh, no. You have to have an AGI (married, joint) of $44k before 85% of
SS benefits are subjected to whatever your marginal tax rate is.
If your AGI is between $34k and $44k less than 85% is subject to the
marginal rate tax.
Under $34k not taxed.
It's lunacy to say it can be taxed away.

From SSA.GOV
You will have to pay federal taxes on your Social Security benefits if
you file a federal tax return as an individual and your total income
is more than $25,000. If you file a joint return, you will have to
pay taxes if you and your spouse have a total income of more than
$32,000.

http://ssa-custhelp.ssa.gov/app/answ...urity-benefits


Right. I was mistaken about the $34k. It's $32k.
Doesn't change anything else I said. It's simple income tax at marginal
rates. And for 85% of the SS income to be taxed at marginal rates your
AGI has to be $44k.

Bear in mind your FICA money was
after tax money so that is already double taxation and you ain't seen
nothing yet.

I thought you were all for taxes and increased revenue.
Are you saying SS benefits shouldn't be subject to taxation?
Is that what you want?

I am just saying SS will be taxed at even a higher rate, virtually
eliminating it for anyone who has other sources of income.
Write that down and look at it in 10 years to see if I am right.

SS benefits are income, pure and simple. It will never be taxed except
as income along with other income.
If marginal rates go up and your SS income is subject to the rate, you
pay.
You're just crying about taxes, when a while ago you wanted them raised.