RE: Taxing Benefits
- Date: Mon, 10 May 1999 21:57:18 -0400 (EDT)
- From: National Dialogue Moderator <moderator>
- Subject: RE: Taxing Benefits
- Contributor: PANELIST: Sam Beard
Full benefit taxation would hurt those beneficiaries
most dependent on Social Security for their retirement
income.
Currently, Social Security benefits are only taxed if
retirees' combined income (from Social Security benefits
plus other sources) is above a specified threshold.
By taxing all benefits, we will have to turn to the $10,000
year worker whose only source of retirement security is their
Social Security benefit, and ask them to pay taxes on the
already too-low benefit they collect.
Benefit taxation is not a responsible choice to make the system
solvent. We need to focus on options which not only extend
the life of the trust fund, but also enhance retirement security
for those most at risk.
Sam Beard
ES2000