Cutting Social Security is the New TARP

The 1983 Social Security law did tax Social Security benefits for higher income retirees, not for everyone but for those individuals who make income between $25,000 and $34,000 there may be a tax on 50% of their Social Security income, and those joint filers with income between $32,000 and $44,000 may have to pay on 50% of their benefits. Low income recipients pay nothing. Individuals with income over $34,000 and joint filers who have income above $44,000 may pay taxes on up to 85% of their benefits. If their income tax bracket is 10%, that means that their benefits may be taxed between $5 and $8.50 per hundred dollars of benefits. That money goes back into the Social Security trust fund. I have pay the tax and do not consider it a problem. I felt that I was fortunate to have enough income to be required to pay it. Most recipients will never have to pay the tax.
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