Fantasy Saloon Pussy Good, Nevada

What is this Social Security Fairness Act they are wanting to get passed and signed into law?

https://www.congress.gov/bill/118th-congress/senate-bill/597

When first applied for ssi they saw I had state retirement and reduced my ssi.  So is congress going to change this withholding so I can claim all my ssi and years I paid into ssi? Will the bill go through or will Republicans rented it voting the bill down? If I am understanding this correctly and Republicans don't support it I am done with Republicans!

I think your reduced ssi would be done. That's the way I read it. All the retired state workers I know get full ssi according to their age.

Quote from: Hobby on Sep 22, 2024, 09:38 PMWhen first applied for ssi they saw I had state retirement and reduced my ssi.  So is congress going to change this withholding so I can claim all my ssi and years I paid into ssi? Will the bill go through or will Republicans rented it voting the bill down? If I am understanding this correctly and Republicans don't support it I am done with Republicans!

Quote from: Hobby on Sep 22, 2024, 09:38 PMWhen first applied for ssi they saw I had state retirement and reduced my ssi.  So is congress going to change this withholding so I can claim all my ssi and years I paid into ssi? Will the bill go through or will Republicans rented it voting the bill down? If I am understanding this correctly and Republicans don't support it I am done with Republicans!

As I understand it (and I am not an expert), the proposed legislation would repeal two provisions that currently reduce the benefits of some social security recipients. It would affect benefits payable for months after December 2023.

A page on vanguard.com tries to describe the current provisions in plain English:

https://investor.vanguard.com/investor-resources-education/social-security/pension-and-social-security

If, in the course of your career, you worked for both (1) at least one employer that did withhold Social Security taxes and (2) at least one employer that didn't withhold Social Security taxes and that offers a pension, the windfall elimination provision (WEP) may come into play.

The WEP may apply if you receive both a pension and Social Security benefits. In that case, the WEP can reduce your Social Security payments by up to 50% of your pension amount.

I was referring to ss that you get at retirement age, not ssi, that's disability benefit

I'm not sure what that change may be nor do I care since it does not apply to me but one bit of advice I'd give about such things in general is don't assume any change proposed will happen and even if it does don't assume it will be permanent.  I thought I had my finances figured out and predictable far into the future. I do, except for things I can't control, like changes to tax law or government policy. So if it was me I'd plan for worst case (all is taxed) but hope for best case (nothing is taxed).  Trump wanted to get rid of taxes on Social Security, but if he's not elected what will happen?  Even if he is elected what will happen?

What bats said is true in general though.  Whether it's SS or SSI sometimes income made may be deducted from benefits.  If one is disabled how can one work? That's possible but you might get penalized for doing so. If one is retired why is one working? That's possible but you might get penalized for doing so.

I worked for the state 17 years then resigned because of my heart condition 6 of those years I worked for the state I paid ssi. My position was eliminated from the state so I had to go back to my previous position which did not pay ssi.  When I retired age 62 applied for disability ssi and was approved. For 3 years I received ssi disability. At 65 disability ssi switched to regular ssi same payments. So I qualified for ssi because of my disability and had work beyond the 5 year requirement.  When I applied for ssi and they saw my state retirement the cut my ssi... so if congress reveals the windfall provision which is why my payments were cut will I get my full ssi... that's what I don't know or understand

I worked in correctional facilities part of law enforcement. If a person works with or near inmates the are a safety retirement employee and don't pay ssi and can retire at age 55.  For employees that don't work around inmates like personal records etc they pay ssi.  I work as both during my 17 years

Sounds complicated but a summary of the Bill indicates what you said may be true, that both Social Security and SSI will not be reduced (like it currently is) if one has income from other sources.  However it is far from being a law.  The Bill was introduced in the Senate 1.5 years ago by the finance committee.  So.....it has to pass the senate, pass the House, be signed by the President, and then it becomes law.  The concern is some people who paid SS taxes may not get back what they paid due to reductions.  That's why it's called a "fairness" act.  It's a reasonable argument (also why penalize people for making money?) but since the trust fund is running out of money I'm not sure Congress would be that willing to pay out more than they are.  At some point they will either have to cut benefits, increase taxes, increase retirement age or some combination of those.  Maybe even get rid of the whole system as some want to do.

but Trump wants to get rid of ss payroll tax. That will kill ss, as there would be no money going into the fund

If we stop giving money away to Mexico and other foreign countries we would have plenty of money for SSI

No actually Trump wants to get rid of the tax on Social Security income not the tax itself (on wages).
The current system again penalizes those that are successful (make "too much" money).
If you make over $25K (if filing single) and collect Social Security benefits then those benefits begin to be subjected to federal income tax. 
Make over $34K and more is taxed.
 

Quote from: dogwalker on Sep 23, 2024, 10:42 AMNo actually Trump wants to get rid of the tax on Social Security income not the tax itself (on wages).
The current system again penalizes those that are successful (make "too much" money).
If you make over $25K (if filing single) and collect Social Security benefits then those benefits begin to be subjected to federal income tax. 
Make over $34K and more is taxed.
 

My combined income has now caused me to have to pay tax on ssi I receive. I'm retired on fixed income and  being totally disabled I can't work to earn extra money.  I can't even do doordash because it requires lifting and climbing stairs.  So any money I can get is a blessing.  I bought my home here in Pahrump nv to be close to my daughter who lives in vegas and homes here are a lot cheaper.  My mortgage is by far less than when I paid rent in California.  I hope the cost of living slows down.

Quote from: Hobby on Sep 23, 2024, 10:13 AMIf we stop giving money away to Mexico and other foreign countries we would have plenty of money for SSI

https://www.brookings.edu/articles/what-every-american-should-know-about-us-foreign-aid/

At $39.2 billion for fiscal year 2019, foreign aid is less than 1% of the federal budget.

As the world's wealthiest nation, the U.S. provides more assistance than any other country, but a smaller proportion of its GNP than most other wealthy nations.

The money given to other governments, being less than 1% is not a bar to money being paid into SSI. SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate taxes, and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program.