Posted on 08/09/2024 5:43:09 PM PDT by Libloather
Donald Trump has claimed he will stop taxing the Social Security benefits of seniors if he wins a second term in the White House.
The cut is the latest in a series of tax relief policies which Democrats claim with endanger federal benefits and see the U.S' debt balloon. Others say Congress would be unlikely to pass the plans.
But this latest proposal made on Fox and Friends is the most significant and expensive yet, costing the government $1.8 trillion over the next decade, according to the Committee for a Responsible Federal Budget.
They claim the cuts would see Federal benefits dry up sooner than expected.
'People on Social Security are being killed,' Trump said.
'One of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly.
'No tax for seniors on Social Security.'
About 40 percent of people receiving Social Security have to pay federal income taxes on their benefits, according to the Social Security Administration.
Taxes on Social Security apply to individuals with household incomes above $25,000 and married couples with an income above $32,000. They pay 50 percent tax on that income.
Singles with incomes of more than $34,000 - $44,000 for couples - are also taxed on an additional 35 percent of their incomes.
All that revenue goes towards paying for Medicare.
The taxes help fund the Social Security and the Medicare Hospital Insurance trust funds.
Experts fear eliminating taxes on Social Security could run up the deficit and move up insolvency for the funds used to pay out those benefits.
(Excerpt) Read more at dailymail.co.uk ...
I never knew that SS was taxable until I started doing my parents’ taxes.
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Note how it is always reported this will "cost the government" vs how much this costs the taxpayer.
It’s really bad, especially now when so many seniors are forced to get jobs just to make ends meet.
Up to 85% is taxable, on a graduated scale. It is taxable indexed to the person's income and tax bracket.
To me it is a tax on a tax. I thought that was illegal?
It’s really bad, especially now when so many seniors are forced to get jobs just to make ends meet.
Assuming that seniors can even get jobs. I have submitted more than a thousand applications over the past two years for two different types of jobs, and including contracts.
The result? One contract, for five months.
Clearly age discrimination, as I'm in my seventies.
It doesn't "cost" the government anything - IT'S OUR MONEY!
Well, Harris will probably start pushing reparations for black people.
so…..
What can Trump do and still win?
Let the dems protest it.
Maybe that is that is what he is thinking?
I would bet that Trump believes he can spark the economy to overcome the cuts and a good part of the debt and build up a big beautiful military also….
Trillions is a whole lotta dough though…..man!
Bookmark.
If there is one thing everyone has come to know about PDJT it’s that he is someone that actually follows through and does exactly what he said hes going to do.
The only time the Democrat-MSM is ever concerned about the cost of anything is when tax cuts are discussed.
*It’s really bad, especially now when so many seniors are forced to get jobs just to make ends meet.*
FORCED? Just remember SSI is an income SUPPLEMENT, not a be all-end all.
*Assuming that seniors can even get jobs.* McJobs-plenty of them out there. If you need to work full time at that age something’s wrong.
For every tax dollar that goes to those under age 16 there’s $6 that goes to those over 65. In the overall scheme of things the seniors are doing quite well. Who’s gonna say it to the black population? Cut the crap.
Fine. Pay for it by:
Full stop on money to illegals and to organizations facilitating the illegal invasion.
Stop funding abortion, at least at the federal level.
Stop the forever wars.
Unleash freedom on We the People so we can get this economy humming again.
Trump has no need to buy my vote.
“For every tax dollar that goes to those under age 16 there’s $6 that goes to those over 65.”
I think you mean federal tax dollar.
A 14-year-old kid probably hasn’t paid much federal tax.
If older people weren’t favored by the benefits system, older people would bolt the USA(or UK) as soon as they reached retirement age, or way before.
Its a subtle attempt to teach the public that the money they earn is not really theirs. Somehow it is the governments money that they are allowing the citizen to have. It’s been going on for some time, as you point out, and it is very insidious.
It is my understanding, which may be wrong, that the tax is applied to the half of Social Security payout (funded by employers) (which was not subjected to 1040 personal income tax previously).
I never knew that SS was taxable until I started doing my parents’ taxes.
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Trump is only following the growing trend that has been happening in states across the country. Helping out the aged that must survive on a fixed income is the smartest move states and Trump can make.
I have seen a lot of seniors lately doing jobs like grocery store cashier, fast food order taker. On one hand I think it’s good to be busy and involved...it’s different if you’re working at that age due to desperation.
Trump is 100% right.
Just don't hire those IRS agents to balance it. They cost more than we think...No one adds in their price for pensions.
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