Now that the 2% SS deduction is kicking in

[Deleted]

My wife and I both are north of 106k and of course didn't get the making work pay credit last year. So it is a nice little bump in our pay checks. We were prepared for the $6000+ we would owe if the Bush tax cuts expired and instead we are getting $4000 through the SS roll back. I'm sure we'll buy some great Chinese products with the money.

[reasonfreedom]

"My SS taxes went down $39 but my federal taxes increased $21 and my state taxes increased $5. I'll probably just put $20 more a month into my ROTH."

Same with mine, My SS went down but my federal went up and a slight increase in state so it kind of voids out any of the gain from 2% decrease. Anybody else notice this. I live in SC by the way.

Sangria your my fav., always a good laugh .

[Deleted]

This definitely benefits everyone.....for now

But less money crediting the social security system mean we reach zero in the kitty even faster

This will have to change...the question is how? and when? will congress ever grow the gonads large enough to take on the senior citizens of this country (the largest voting sector by far)

[sangria]

I guess gdgyva we'll have to wait for January 1, 2012 when the employee deduction resets and see what it resets to.

Every one of our elected officials of any party all swear that the rate of benefit people are already collecting cannot and will not be reduced. I guess I'm sorta jiggy with that. We've heard stories about the elderly taking say five medications, they can no longer afford them, and so they decide which one to stop taking. Not so good.

I would have thought the director of Social Security would have resigned when he heard of the "reduction in the deduction."

Modern day Germans hate the bygone Nazis with a passion.

Decades from now young Americans will hate us with a passion too. We know payroll deductions for federal income tax, Medicare, and Social Security are going to increase very significantly. It will be ugly.

Hopefully they won't have a time machine to come back and get us.

[kman]

Canadian ballet...for a little dollar dunking or Vegas...it's all good. Friend of mine was a headliner in Vegas...moved back home and does yoga with the Mrs.

[verrip1]

Yeah, but when you consider it, did you expect Obama to agree to give you back ANYTHING?? Not me. But he gave me back, as I recall, $13 per week on his stimulus bill, as passed. C'mon, if that's not beer money, you're drinking too much.

Learn how to be a proper Murrican!!!

[bga4444]

Doesn't matter the 2% doesn't offset the loss in 99ers coming off unemployment. Believe me that money was being spent every week with a six or seven multiplier. The 2% is going in savings for me and many others! I am sure that multiplier will "boost"the economy! Plus, I am now having to pay for my insurance because my company could not afford it any longer. Thanks for Obamma care you bunch of idiots!

[piratesparrot]

I live in Illinois so the SS decrease will almost (not quite) cover the State income tax increase they started taking with this weeks check.

[decoy409]

piratesparrot, little bird says that help is on the way! Looks like others are going to be neighborly and taking will be coming from them to prop the others as they go!
Some more great thinking from the Game Math Room in charge. Can you say 'vicious circle.'

[Value Buy]

Jan 21, 2011 17:07:42 GMT -5 @piratesparrot said:

I live in Illinois so the SS decrease will almost (not quite) cover the State income tax increase they started taking with this weeks check.

Just move across the state line to Indiana........unless you do not live near the border.....

[Deleted]

Jan 21, 2011 19:12:37 GMT -5 @wxyz said:

So your contribution is 2% less for at least a year. If you are not above the contribution cap how does this affect your future benefit. You are paying in less money. Therefore less benefit?

SS benefits are based on income, not contributions, I believe.

[verrip1]

Jan 14, 2011 23:09:35 GMT -5 Ratchets said:

I cannot argue with that verrip. And since my beloved Bears are going to put a whupping on the seahawks this weekend the $13 worth of beer money will most likely come in handy. I was let down though once I realized all the paychecks weren't going to be that big lol...it was one of those too good to be true things.

Since this thread was bumped anyway, Go Bears!

[Deleted]

Ditto. Only because GB beat the eagles.

BTW, Is that Lebowski ?

[itstippy]

We fight 2 wars; we pay for them through tax cuts. GM needs a massive government bailout; we pay for it by giving people money to buy cars. Fannie & Freddie become insolvent; we pay for it by giving people money to buy houses. I won't go into the big banks and how we pay for saving them. Now the Baby Boomers are retiring in droves and we pay for THAT by cutting SS taxes.

Yeah, buying beer seems as good a plan as any.