RE: As Predicted....
September 18, 2018 at 7:15 am
(This post was last modified: September 18, 2018 at 7:17 am by Aroura.)
(September 18, 2018 at 7:05 am)Joods Wrote:(September 17, 2018 at 5:25 pm)mh.brewer Wrote: I'm fine with cutting of SSI and medicare to the wealthy. In 2010, 47 million collected benefits while making over 100K per year. I've seen another estimate of 1.4 billion per year in SSI benefits to millionaires.bold mine
I'd like to see a link on that because SSI is a welfare based program and all earned and unearned income is counted against SSI benefits. So if a millionaire is getting SSI, they should be reported for welfare fraud.
The rich can and do collect SSI
Quote:One key point to be aware of is that are based on your earned income, such as wages from a job. Many of the wealthiest Americans get their income from passive business activities, or from dividend income on their investments, which is not counted for Social Security purposes.
Quote:To sum it upOh, and here is how many/much in reality.
The bottom line is that while billionaires can qualify for Social Security, they must have earned income for a minimum of 10 years -- not just passive sources of income such as investments. And unless they earned more than the Social Security taxable maximum in each of 35 years, they'll receive less than the maximum possible retirement benefit, which is currently $2,687 per month at full retirement age.
How much do the rich collect in SSI?
Quote:47,535 millionaires received Social Security benefits in 2010, totaling $1.438 billion. Median income of all recipients over 65 is $26,000.
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― Tom Stoppard, Rosencrantz and Guildenstern Are Dead