I own a home worth $300,000. I chose not to work because I would rather spend my days boogie boarding, however, I do receive a rather hefty Social Security check each month because I have managed to get myself listed as ‘disabled’ (LOL). Since my net worth is over $250,000 will my SS checks be taxed under Obama or can I look forward to receiving yet another nifty ‘tax credit’ check for doing nuttin?
Net worth is not income. Your Social Security is unaffected.
July 2nd, 2010 at 9:31 pm
Only income is taxed. The value of your home is irrelevant, unless you were to sell it in which case you would be taxed on capital gains (under Obama or McCain). I don’t think that SS income is taxed, but you won’t be getting a tax credit if you don’t have any income because you haven’t paid any taxes to get a credit on. The only way you would be getting a check would be if there were another economic stimulus plan.
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By the way, unless you own the home outright (no mortgage), then its full value is not part of your net worth.
July 2nd, 2010 at 9:58 pm
Gee, it’s so nice to hear that someone who is disabled so they can’t work can own a $300K home, and boogie board. Such a great use of tax dollars.
I sure hope at some point you get taxed heavily. What a leech!!!!
But I guess you’re just trying to agitate, or were lying a week ago when you claimed to be working two jobs, and that your house value had gone down to $150K.
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July 2nd, 2010 at 10:05 pm
Unless the law changes, the value of your home has nothing to do with your income tax.
Your income, not your net worth, would determined whether your social security is untaxed, taxed on half or taxed on 85%.
If your social security is your only income, it would not be taxed, but if you have a million dollars worth of interest and dividends, 85% of your SS will be taxed.
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July 2nd, 2010 at 10:51 pm
Net worth is not income. Your Social Security is unaffected.
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