why shouldn't elderly be exempt from paying taxes?

Question

I don't mean those in their 60's and 70's, but the very old. They've paid taxes all their lives and what money they have will be eaten up in medical bills and self care. Wouldn't it be better to let them use their money for their own living expenses than making them pay taxes to support schools and gov't programs?

I think that anyone who makes it to 90 should be exempt from all taxes. They are at a point in their life that any savings they have should be available to them for their own care. If they earn anything it's interest on savings. Why tax that?????

Would like to get your feedback on this.

Elderly who did make a conscious effort to prepare for their later life by saving their whole working lives are taxed on the interest earned. IRA's weren't around in the 40's and 50's. People saved on their own.

Have you priced a month in an assisted living or nursing home? At $4,000\$-5, 000 a month, their savings wont last long. Do you have any idea what this does to an individual who has spent their whole life saving to self sufficient in their old age? They don't WANT to be a burden on society.

My 97 yr old mom has paid taxes EVERY year. Does she have a lot of money? No, one broken hip, a couple years in a nursing home and she is broke. The gov't should let her keep her interest income. She's paid her share over the years. That's all I'm saying.

for boinga
Who do you think paid to build the schools you went to? Who paid for the roads you learned to drive on? Would you rather the gov't sent you a bill for what you have already taken advantage of through gov't appropriations?

Answer 1

Here, here!! I agree with you 100%. Also, most elderly who are eligible for Food Stamps only get a piddly $10.00 per month!! I advise all my elderly clients to contact their State & Federal Reps through AARP!! One more thing, just because a taxpayer is over 65 shouldn't make them in-eligible for Earned Income Credit if they are working! Same for those under 25.

Good Luck & Blessing

Answer 2

I don't think they should be treated special just because they're old. If that were the case then why am I not getting special treatment for being young? I have paid into social security all my working life and the sad part is that all that money I have paid supports the elderly of today and not the elderly me when I need it 30+ years from now. I don't think it's right to make the young people of today working thierselves to the bone to pay for a program that probably won't even be there for us when we need it. Why doesn't every person just have thier own personal account with social security so that the money that they pay will be there when they need it?

AND IF MY IDEA OF EACH PERSON HAVING THEIR OWN INDIVIDUAL SOCIAL SECURITY ACCOUNTS WAS SO ABSURD THEN WHY WAS IT SUGGESTED BY THE POLITICIANS AS ONE OF THE SOLUTIONS ON HOW TO FIX SOCIAL SECURITY?

Answer 3

Most don't pay taxes. Savings do not count as income and are not taxed. I don't think social security benefits are taxed either. Additionally, most people at that age if they do have income it is so little that they fall into the 0% tax bracket. But on the other hand, why shouldn't they pay taxes if they have lots of investments and a sizeable income? Taxes are used for programs that benefit everyone, not just the young.

Answer 4

At that point most are living on SS or other gov't aid and don;t pay taxes on that. Investment income they are, but didn't pay taxes on it for hte years it grew. With the ROTH IRA it will be much easier to not paytaxes on investment income either. Just ogtta be smart to avoid the Estate (Death) Tax that the democrats love to collect. Also to try and remedy this we can vote conservative...

Answer 5

Some states, not all, have a homestead exemption act. it allows seniors, age 65 and older or disabled persons to receive a certain percentage of relief from their property taxes. all states are different. it is usually based on income and value of your home. I believe you can google homestead act and it will take you to a web page that will allow you to find out if your state has that exemption.