Thread: Biden will get $250 Social Security bonus from stimulus

Biden will get $250 Social Security bonus from stimulus

By Walter F. Roche Jr., TRIBUNE-REVIEW
Saturday, April 18, 2009
About the writer


Vice President Joseph R. Biden Jr. announced last month that Social Security beneficiaries will get one-time $250 stimulus bonus payments beginning in May.

He didn't mention that he will be one of the recipients.

The annual tax returns for Biden and his wife, Jill, released last week, show he began collecting Social Security benefits in 2008. He became eligible for full benefits in November when he reached age 66.

Social Security beneficiaries will receive their $13 billion share of the $787 billion Obama stimulus package as early as May. Each of more than 50 million Social Security beneficiaries is entitled to $250 under the stimulus measure.

"These folks need the money," Biden said in announcing the payment schedule. "People are going to be actually spending that money."

Asked about Biden's decision to begin collecting benefits, spokeswoman Ann Marie Tomasini issued a brief statement: "Vice President Biden is eligible under the law to collect his full benefits at age 66."

Biden's annual Senate salary was $169,300 last year. He will earn $227,300 in 2009 as vice president.

Russell Bailyn, a financial adviser with Premier Financial, a New York City financial advisory firm, said Biden's decision to begin taking benefits "makes sense."

He said the only reason to wait longer would be to possibly boost his monthly benefits with increased earnings.

For that strategy to work, Bailyn said, Biden would be counting on living for a long time, "perhaps into his 90s."

According to Social Security officials, delaying benefits beyond the full eligibility age gives beneficiaries an increase of about 7.5 percent per year for people in Biden's age bracket.

Social Security officials did not have statistics on how many people delay the receipt of Social Security benefits beyond the full eligibility date. Former Vice President Dick Cheney, who is a year older than Biden, did not list any Social Security income on his final financial disclosure statement filed a year ago.

According to Biden's tax returns, he collected $6,534 in Social Security benefits in 2008. Social Security spokeswoman Kia Green said that for 2008, Social Security beneficiaries could earn up to $13,560 without their benefits being taxed. That cap jumps to $14,160 in 2009.

Because Biden's income exceeded the cap, he paid taxes on all but $980 of his 2008 benefits.

The Bidens reported income of $253,866 and paid $46,952 in federal taxes.

http://www.pittsburghlive.com/x/pittsbu ... 21292.html

But why are we giving him such a huge civil servant salary?

Related Post
Pension/Salary/Benefits CONGRESS; Poll/Vote
http://www.alipac.us/ftopict-126464.html

call me crazy but i didnt think federal emplyees paid into social security.

and i thought if you made a certain amount of money each year, you lost benefits

He probably had to repay Social Security if he did not reduce his income via a business with his wife.

The $49,000 tax liability -

I estimate he had a net of $236,000. All of his Social was probably taxed, and I would like to know if he is going to have to repay, too.

I have known people and children to have to repay if earning was greater.

How is our Congress keeping from repaying SS earning with such great income?
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How are Social Security benefits taxed?

http://www.house.leg.state.mn.us/hrd/is ... staxes.htm
Under current law, up to 85 percent of Social Security benefits are subject to federal and state income tax, depending on the taxpayer's income. For taxpayers with provisional incomes less than $25,000 ($32,000 for married joint taxpayers), all Social Security benefits are excluded from taxable income. For provisional incomes between $25,000 and $34,000 ($32,000 and $44,000 for married joint taxpayers), up to 50 percent of Social Security benefits may be subject to tax. For those with provisional incomes over $34,000 ($44,000 for married joint taxpayers), up to 85 percent of Social Security benefits maybe included in taxable income.