No more taxes on SS.

Ahh, the hoary old "overpopulation" myth. Much of the planet is now facing demographic collapse.

Canada’s fertility rate now nearing Japan after remarkably sharp 10-year decline

Canada’s fertility rate has dropped to the second lowest in the G7, now nearing Japan.​
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According to new data from Statistics Canada, in 2023, Canada’s fertility rate (the average number of children a woman births in her lifetime) fell to 1.26 from 1.33–the lowest rate ever recorded. “Replacement level,” which allows the population to replace itself from one generation to the next, requires a fertility rate of 2.1.​
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The agency reported Canada, “has now joined the group of ‘lowest-low’ fertility countries, including South Korea, Spain, Italy and Japan, with 1.3 children per woman or less.” The U.S., meanwhile, had a 2023 fertility rate of 1.62.​
 

The taxes on my social security came to almost $3000 last year and it goes up every year because there is no indexing for inflation. So yes, I'd like to see it done away with. However I am not holding my breath.
 
Trade said:
The taxes on my social security came to almost $3000 last year and it goes up every year because there is no indexing for inflation. So yes, I'd like to see it done away with. However I am not holding my breath.
Click to expand...
the indexing to inflation comes from the standard deductions getting raised yearly
 

mathjak107 said:
the indexing to inflation comes from the standard deductions getting raised yearly
Click to expand...

That has almost no impact at all on how much of your social security is taxed. The formula for determining how much is subject to being taxed is the same as it was when it was first implemented in 1984. That's 40 years with no adjustment for inflation.
 
Trade said:
That has almost no impact at all on how much of your social security is taxed. The formula for determining how much is subject to being taxed is the same as it was when it was first implemented in 1984. That's 40 years with no adjustment for inflation.
Click to expand...
While the formula is the same , the tax brackets they are tied to change yearly along with the standard deduction

What stays the same is the formula for determining if you will be taxed
 
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