When social security was first established the Government said there would be no taxes on this.
It was to be a basic right of the people to protect them should financial challenges occur during the final years of life. For this guaranteed benefit, Americans would pay a small portion of their wages to the Government for safe keeping.
NO TAXES. That was the promise.
In 1984 the Government changed their mind. Using means based testing, they started taking the money back from those who paid into the system. They concluded that if you had “the means” to support yourself, you did not deserve to be paid the money you paid into the system.
In 1993, the Government changed the “means based” testing formula to confiscate more of the social security paid into the system by Americans. Now 85 percent of the “tax-free” benefits promised to Americans would be subject to the confiscation plan.
This history is a sign. We fully expect the Government will tax 100 percent of the benefit that was once promised “tax-free.”
We fully expect the Government will use “means based” and confiscate the entire social security benefit from those who have other means.