Bill to end taxes on SS reintroduced

I’m not at an age to draw benefits so someone else can correct me if I’m wrong, but I think your 50% proposal is already in play. Assuming 100% SS income, I think you don’t pay any taxes on SS under $25,000 (married filing jointly), 50% on income between $25-34K, and 85% of income above $34K.

 

It's no big deal to me either way. Just pointing out that this will have no impact on most seniors. But Trump's tax cuts will increase the deficit, if you have any concern about that, which I don't think you do since Trump is a Republican.

 

If I’m not mistaken, I don’t think any seniors paid income tax on their Social Security until the 90’s.

 

Pretty close.

“Since a pair of 1938 Treasury Department Tax Rulings, and another in 1941, Social Security benefits have been explicitly excluded from federal income taxation. (A revision was issued in 1970, but it made no changes in the existing policy.) This changed for the first time with the passage of the 1983 Amendments to the Social Security Act. Beginning in 1984, a portion of Social Security benefits have been subject to federal income taxes.”

 

Taxation started in mid-80s and the amount that could be taxed was increased to 85% a
in the 90s.

 

If Trump tip exemption passes, I want to be able to classify all my income as tips.

 

Have to means test to fix the mess fdr created.

 

Yes, it was Reagan who signed taxation of SS benefits into law.

 

So I'd assume you are against eliminating taxing SS benefits for higher income retirees.

 

Funny how right wingers never care about paying off the national debt once a Republican enter the office. The only talks we ever hear are how to pay for additional tax cuts

 

What if you’re above retirement age and you had to get a job to supplement your SS income to afford groceries during Bidenomics? Are you saying those seniors should be penalized because of Joe Biden‘s malfeasance?

 

I disagree. I believe that with a combination of an additional 1% on the contribution(tax),a substantial increase to the annual contribution (tax) limit( I think it’s $10,900ish for 2025, and an increase to the decrement for early retirement then we can stabilize the fund. I still like the idea of private investment but acknowledge that many would not invest wisely

 

Exactly correct. Surprise surprise, that's how this prez rolls.

No real benefit to those surviving on SS checks alone, but another tax break to upper incomes.

It would benefit me but bad policy imo.

 

do you have any idea what the numbers are? stupid question, of course you don't.

 

I’ll just wait until I draw social security and what the new laws are by then before deciding if I should be out raged

 

Isn’t DOGE trying to cut spending to cut the deficit? I think I’ve seen a few threads on here of libs freaking out over it.

 

What happens if you cut the deficit and follow it up with a tax cut?

 

Depends on how much the deficit is cut vs how big the tax cut is right?

 

The only way to tackle the deficit in a meaningful way is to target the Pentagon, Medicare and social security. What DOGE is doing right now is giving papercuts to an elephant. Trump's proposed tax cuts will cost trillions.

Trump Tax Priorities Total $5 to $11 Trillion | Committee for a Responsible Federal Budget

 

Can I be simultaneously disgusted and not remotely surprised? Elect the elderly, get gerontocracy. If anything, SS should be cut to pay for reparations to young people for enduring the COVID restrictions.