Agreed. It’s actual screwing of the elderly who worked their whole lives only to have much of their savings and pensions stolen thru the income tax system. Our neighbors put it clearly— had they realized how much the govt was gonna take away from them in their old age, they would’ve spent it all and gone on welfare when they couldn’t work any longer It’s all very demotivating. No wonder so many young folks are not rolling to fork much anymore
According to Natalie Winters they are also looking to make cuts to Medicare Advantage. Biden cut them a whole lot last year.
Trump promised they would not be doing that. Notice how the little guy always gets screwed after Congress gets done with it.
I bet that money will materialize to Ukraine and Israel wars though.
And now Trump is wavering on deporting many illegals. WTH?
From what I could tell, three senior-related tax proposals were being discussed.
1. No tax on social security.
2. A $4000 tax credit for seniors.
3. A $4000 tax deduction for seniors.
The last is the worst. And it looks like that’s the one we’re gonna get.
So you eliminate $4,000 from your taxable income. If you are in the 20% tax bracket that means you save The 20% you would have paid on $4,000 or $800. Where are they getting a tax cut of twice that?
Long story short, They found out they couldn’t amend tax law with this bill so they threw in a $4000 SSN Tax credit to make up for the tax that would have been paid.
There are obstacles that prevent the no tax on Social Security benefits. As a compromise, the $4,000 tax break is on the table.
And most seniors will get the same savings amount as they would have if the no SS tax provision was possible.
Complaining that we were being ripped off is false.
The standard deduction is so high already that this is virtue signaling.
It probably won’t survive Reconciliation anyways............
One more time. This is the only way to address the ss tax with 50 votes. There is talk that after midterms if they have the votes No Tax on SS will be revisited.
Some remedial reading for fellow geezers who clearly need it...
https://x.com/CynicalPublius/status/1931166853688422516
They always penalize savers .
“Yep, they promised us steak and threw us a can of Spam again. Do the math. I’ll take no tax on Social Security over this any day!”
Geez! Do we really have to go over again what a reconciliation bill is and why is a reconciliation bill?
My understanding, the $4000 credit has income limits… from memory, only if you make less than $60 grand.
Threads like this show why this country is on a collision course with financial collapse. Gimme. Gimme. Gimme. I’m not really talking about the SS tax aspects, but the screaming over cuts to the Medicare Advantage boondoggle.
It’s clear this country is never going to pull in this spending. I predict a total collapse around 2036.
I like spam and don’t like golf
I’m already lame but am planning to move to SE Asia and get around on a scooter.
I’m not worried too much. I’ve always known they can always find someone worse off than me to justify taking everything I have. Harder if I’m not here so....
Perhaps my case is different but the wife and I are both on social security and I am having to take the mandatory distributions from my 401k, and I have not paid any income tax since I retired.
It is not my calculation, I go to a tax preparer every year for them to run the numbers and it is always, no tax due.
lI will take it. It is a $4,000 standard deduction that I didn’t get from Biden’s IRS. I would have been thrilled just not to have my taxes raised. Instead they will be lowered. I will take it!
Thank you, President Trump.
Informative, educational thread. Thanks to every poster. BTTT.
It is fine to lock in the present 2017 tax changes.
But until Congress devotes more herculean efforts to hugely reduce current spending, lower the deficit and lower the debt it is irresponsible to behave like Democrats and try to buy votes with the tax code, decreasing tax revenue when the federal government is already borrowing every day to pay for what it is spending.
Get revenue up first, spending down a whole lot, balance the budget, and ONLY THEN talk about tax gimmicks for personal gain.
Some people are as irresponsibly greedy as the members of Congress, putting personal gain above everything else.
This is a good thing - They can not do a NO Tax on SS in this bill because anything like that has to have a 60 percent vote passage (and it just passed the house by 1 vote) so enjoy your spam while they do one thing at a time