[NA]Multiple taxation question

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Touchdown! Greaser!
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Dave Taylor
Do we pay federal income tax (FIT) on contributions we make to Social Security (SS) each paycheck?
Seems like we do.

I was just reading how much FIT we pay when we receive benefits from SS, and got to wondering if that money (which we made, and was then taken away) is already taxed years earlier.
 
First off, there's no law that prohibits double taxation. Yes, you pay tax on that. It's always (at least in the 45 years I've been in the workplace) been that way.
You used to be able to deduct your state income tax paid off your federal tax if you itemized, but that's been sharply curtailed. In fact, the last round of tax changes hit me hard because I got whacked hard by the cap because I'm heavily taxed in a couple of states.
 
flyingron said:
First off, there's no law that prohibits double taxation.
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Ron, thanks for your response and confirming my thought about double taxation.

I will note that I wasn't asking about the legality of it.
(I think everyone knows the legislators can pass just about any law they want and make something legal.)

Also, having 'always done something a particular way' has never been a great argument for the justness of.... anything, I believe.

I have my own opinions about the ethics of double taxation, but I see no point in debating it. I will let others, if they see fit.

Thanks again.
 
Oldmanb777 said:
SS the worst "investment" known to man!
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Social Security wasn't conceived as an investment program. It was supposed to be insurance against destitution in old age. The politicians, as usual, have used other people's money to buy votes.
 
I’ve contended for years, that if people had to write a check every month for their taxes, instead of withholding from their paychecks, there would be a revolution!! Most people don’t see it or understand it.
 
N747JB said:
I’ve contended for years, that if people had to write a check every month for their taxes, instead of withholding from their paychecks, there would be a revolution!! Most people don’t see it or understand it.
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Think about the savings for the employers if they weren't expending so much effort withholding taxes and paying those taxes bi-weekly, monthly whatever.
 
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