Posted on 07/04/2025 3:34:48 AM PDT by zeestephen
Just received this email from SocSec - This is NOT posted on the SocSec website - "BBB provides an enhanced deduction for taxpayers aged 65 and older..."
Hmmm. I thought I heard the signing was 9 AM, now I am hearing it is 5 PM today. Whatever.
God bless President Trump!
Even that was a lie. They exempt 10k a year in overtime, and all the tips still have to get reported and withheld just like now. Then at tax time you can claim an exemption, and this whole scam only lasts 3.5 more years.
And the SS is just tinkering at the edge. You still get taxed on SS and the small adjustment is temporary and ends in a little over 3 years. Repubs has a big chance and blew it with another half assed product.
Even worse, now they feel no pressure to do it.
Yeah, it’s smoke and mirrors chicanery. All they had to do was directly exclude SS payments from being taxable income. The republicans refused. And now they are claiming it’s done…so that’s it. SS won’t get anything else.
But the Trump tax cuts are permanent now. I think these congress critters always want an issue to run in the future. With trump rates permanent, now the politicians lose that issue, so now they have ‘making the no tax on tips/OT/SS’ permanent as a future issue. It’s annoying as a strategy. Politicians prove so many ways it’s about them and not about us.
Good analysis, thx M44.
Check your junk mail. Mine went into the junk mail.
Here in s a positive way to look at it. In future elections, people who live off tips or SS who might otherwise vote democrat have an incentive to vote republican if republicans run on making these cuts permanent. I don’t know the demographics involved but it would be interesting to see if some polling was done to see if there was a swing in the vote in 2024 in certain demographics based on these campaign issues.
“Even that was a lie.”
“Repubs has a big chance and blew it with another half assed product.”
I agree they are exaggerating the ‘benefits’ of the BBB, but I don’t agree they blew it, if one looks at their ‘majorities’ and the power it gives the relatively small number of assholes in the party.
More like a MIRACLE that anything passed, other than another ‘continuing resolution’.
As to the time limits, it’s hard to imagine cuts not being extended, as I cannot think of a tax cut that’s ever been allowed to expire (one of the reasons we have $37T in debt, by the way).
exactly
SS benefits were originally untaxed, and taxing them came in under Reagan. What one Republican does, another Republican can undo.
If JD Vance is president it stays vote often.
I think the total tax savings possible, but not for everyone is $1,500 a year.
People need to remember, they did not eliminate taxes on social security as originally stated when the bill was introduced.
“And this is from the Republicans? They treat their older voters the same way Democrats treat blacks; just enough to vote for them again.”
You got it. The bill was one big bait and switch. Promised a lot then delivered little promised.
“But the Trump tax cuts are permanent now.”
Define ‘permanent’. Sure, taxes do not sunset soon, but there is always another bill to jack the rates again.
But dems would have to run on raising the tax
Sadly, that usually was true, but it seems far too often the republicans also introduce tax increases. The SALT reduction was once such tax increase for millions of people.
“Permanentizing” prior (temporary) tax cuts was a strong campaign plank for Trump in ‘24.
“I think the total tax savings possible, but not for everyone is $1,500 a year.”
Agree, for one person, about twice for a couple if they’re in the “Sweet Spot” which is AGI just under $150k for a couple. Social Security doesn’t even factor in, as it makes no difference whether the couple collects $100k a year in Social Security or $0k. Obviously most people over 65 are collecting some Social Security...so it is claimed that the tax cut is directed at SS, but then money is fungible, so it’s meaningless.
The reason they keep bringing up Social Security is to make it sound like Trump is (mostly) keeping his promise...can’t blame them for doing so.
“”I did not.””
Nor did I..probably because I get my emails the old fashioned way - not on a smart phone!
Ah, so it IS retro for 2025. Kewl
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