2/9/2022 2:02 PM
GREETINGS;
In 1993, Joe Biden was the deciding vote in raising taxes on social Security from 50 % to 85 %. In this case, the change was part of a major tax bill that President Bill Clinton had laid out in his State of the Union Address in February, 1993.
Among its provisions was an increase to the amount of Social Security benefits that could be taxed for some recipients. The way this claim is phrased, though, it sounds like the benefits are subject to an 85 %tax rate. That's not right. This change to the Social Security program was structured similar to the 1983 change.
It added another bracket to the income thresholds and increased the portion of benefits eligible to be taxed if recipients exceeded the second - tier thresholds. Under this bill, single recipients with income over $34,000 and married couples making more than $44,000 could pay income tax on up to 85% of their Social Security benefits. This tax bill which included several controversial changes, was highly partisan. Not a single Republican voted in favor of it.
Biden voted for the bill, along with the majority of his Democratic colleagues in the Senate. He was not the "deciding vote," though. the Senate was tied 50 - 50, and the Vice President Al Gore cast the deciding vote. So, it's true that Biden voted for an increase in the amount of Social Security benefits that could be taxed for some recipients, but it didn't apply to all recipients and he wasn't the "deciding vote".
OK, this all took place about close to 39 years ago. In this time Congress ( both parties are guilty ) has taken nearly $ 2.9 TRILLION DOLLARS from Social Security. You notice I said taken not borrowed. You wonder why the funds are sinking like a ship in S.S. Go ahead and fact check it. I may be off by a year or two.
It's no secret about what you receive in benefits from Social Security. Combined, my wife and I pay $6012.00 for Medicare & Medicaid Part B & D and a supplement Manage Blue for seniors $2944. That = a total of $8956.00 & this does not include Dental, Hearing Aids and I'm sure of a few other things. Taxes on S.S. total $6239.00. this = a total of $15,195.00. Now, subtract this from your S.S. total. I love S.S. and Medicare & Medicaid cover a lot but not all. Example: I paid this year approximately $15,000 for two implants. (teeth)
To my colleagues out there save a little every month and count on S.S. for a little better retirement.
AW! I'm just irritated that I didn't attend the conference and golf tournament in San Diego. I could well afford it but circumstances made it a little difficult at best to attend. so, I had to write about something . Write or complain or both!!!!!!!!!!!!!!
Capt. Kirk
Retired Alien
Needham Golf Club
Needham, MA