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Thread: >$97k = Upper Class and will raise SS taxes on them

  1. #16
    Champ JuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond reputeJuBru has a reputation beyond repute JuBru's Avatar
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    Re: >$97k = Upper Class and will raise SS taxes on them

    Quote Originally Posted by CARTEK View Post
    If all SS money was left in SS, it would be solvent. However, Democrats are like nymphomaniacs...they can't say no!
    Comparing something not a problem (and very good) to something a problem... that's not good. haha
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    Re: >$97k = Upper Class and will raise SS taxes on them

    Quote Originally Posted by maddawg View Post
    So you obviously don't have a problem with increasing the income tax rate either.

    It amazes me that otherwise conservative individuals can be indoctrinated into believing certain things about taxation.

    Please read all about the original intent for the SS system and why it is now in trouble. I can assure you it is not because of the lack of funds received.
    I understand your point, but I just don't know that it matters anymore. Regardless of the original intent of SS, what it is now is a tax on those who are working to support those who are retired. No question it is that way because it's been butchered, but I was just addressing where we are--not where we should be. Legitimate fixes to SS are not politically possible, imo.

  3. #18
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    Re: >$97k = Upper Class and will raise SS taxes on them

    Quote Originally Posted by rabiddawg View Post
    The self employeds I know around here are only paying themselves the salary that ssn says they are taxed on. The rest of their income is paid as profits and therefore unearned income which is not taxed for social security. Another one of those loopholes.
    They would be better off paying them selves the bonus if they are a Sub-s or C-corp -

    If they are an LLC/1065 they are drawing out profits (EARNED INCOME) that are then subject to SS & medicare & high tax rate (Income subject to self employment) - and just accounting for it incorrectly on thier personal tax return and opening up a huge potential liability - (most likely)

    If they are a sub-s they could be drawing out excess earnings and subject to a higher tax and basis charge (which is 2nd most likely) - just deferring the taxes until there is a partnership change and then there is a BIG price tag -

    Best thing to is to hire a GOOD CPA and make sure they have their bases covered - if it is a business and they are drawing out money it is EARNED INCOME in some shape form or fashion - if it is rental, it is still subject to tax and the various basis rules but it has to be a TRUE RENTAL or it is subject SE....
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