From ssa.gov:Where does the revenue generated by taxing social security go?I'm sure plenty have written as it's been a tax law for a long time now. With all the forecasting of future solvency being blasted by media I don't see it being repealed.
It seems to just be part of your tax return the IRS collects.
Is there a mechanism for social security to recover those dollars from the IRS to fund future payments?
If not, it has no impact on the longer term solvency of social security. It just keeps the overall budget deficit ever so slightly smaller.
Under legislation enacted in 1983, the Social Security Trust Funds receive income based on Federal income taxation of benefits. The funds receive taxes on up to 50 percent of benefits from single taxpayers with incomes over $25,000 and from taxpayers filing jointly with incomes over $32,000.
I dont have access to the SSA ledger but this sounds like it's suppose to.
Statistics: Posted by dcop — Thu Jun 20, 2024 11:33 pm — Replies 4 — Views 233