....in one simple step. No, I don't recommend trying, but our government does exactly this. How?
They reduce Social Security benefits by 50 cents for every dollar earned after a certain threshold. When you count FICA, state income tax, and federal income tax, you come to the uneasy realization that Social Security takes back 50 cents, and the rest of government takes back up to 40 cents on the dollar. Not surprisingly, a study performed at my alma mater (Michigan State) found that seniors don't work for a dime on the dollar.
But how does this kill people and inheritances? Simple. Retirement is a disaster for health, as it all too often trades physical activity for worship of the idiot box, and when you combine poor health with poor income, you simultaneously kill Grandpa and the inheritance he wanted to pass down.
Dare I suggest repeal of this ill-founded rule?
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