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| Social Security |
 The
Federal Government via our elected officials has squandered the
Payroll Taxes that were designated to fund retirement benefits
for workers. Now to make up short falls, our elected officials
have taxed Social Security benefits for certain individuals.
Under the premises of class warfare, “wealthy” retirees’ Social
Security benefits are subject to taxes. After reaching the full
retirement age (66), one may continue to earn income and draw
full Social Security retirement. However, retirees that take
early retirement are hit with a 50% “tax” ($1.00
for each $2.00) on income earned over $12,960. I will support
legislation to remove the working penalty on retirees that take
early retirement.
Don't forget that as "Baby Boomers" retire from federal
employment, the government is having trouble recruiting younger
qualified
workers. So while the government taxes our Social Security, they
are hiring retired federal workers who may keep their full federal
retirement and earn a salary as a "contract" employee.
What a deal!
We have to learn to not depend on the Government for our welfare,
happiness, or our retirement. There is no valid
reason
that Individual Retirement Accounts (IRA) are limited to $4,200
except the Federal Government under the Tax and Spend Democrats
wants more and more of our money. I will support legislation
to increase the IRA deduction to $30,000 or 30% of earned income
which ever is largest. |
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