Answered Essay: ARE THERE ANY ITEMS OF INCLUSION IN FEDERAL GROSS INCOME THAT YOU THINK ARE UNFAIR? WHY??

ARE THERE ANY ITEMS OF INCLUSION IN FEDERAL GROSS INCOME THAT YOU THINK ARE UNFAIR? WHY??

Expert Answer

 

Yes. There are many items included in “Gross Income” calculation that I find to be unfair. One of these items is “Social Security benefits”. These benefits are subject to federal taxes, if adjusted gross income exceeded the threshold decided by Fed. The level of taxation depends upon the amount received as social security benefits and if you receive an amount exceeding the threshold, 50% to 85% of your benefits are subject to taxes depending upon the amount. What make it worse is that federal income tax on these benefits is not even indexed to inflation that makes the real tax rate higher.

These benefits are something that you start receiving when you are retired. Upon retirement, a person is not earning anything and these benefits may be the only sources of cash-inflows which he/she would be spending to cater his/her expenses. Also, technically, these benefits are not earnings, these are savings. And I feel that taxes should be levied on earnings only. Hence, I find taxes on these benefits to be very unfair.

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