Posted on 07/04/2025 4:56:09 AM PDT by vespa300
Yepper - we get 2 benefits from this - we’ve been paying taxes an a portion of our SS for years and now the end of that and the extra deduction will be a big help.
One of my biggest fears has been that, if something happens to me, not only does my wife’s income reduce by some thousands, but she then hits the “Single” tax brackets and would pay more in taxes...this, even though it will phase out, helps me prepare so she’s not hurting if i go before she does.
From what I can tell, the $6K standard deduction increase for seniors goes into effect for this tax year..
AP has been twisting themselves into pretzels, trying to pretend the SS deal isn’t REALLY all that good, and that the tax breaks are for rich people, minimizing or even omitting mention of the removal of taxes on OT and tips ...
“...the constant griping, after being brought out of the wilderness....again.”
That made me laugh — good Biblical imagery, and on target.
> Paid for by more debt.<
That’s where most of the previously borrowed money came from. The SS Trust Fund is just a bunch of IOUs. Thank you Clinton/Gore.
EC
Well, it’s Trump’s Social Security Administration so I’d expect a favorable response. If the same bill passed while a Democrat was president, his/her Social Security Administration would poo-poo all over it, and of course the Democrat would veto it.
I’m anything but obtuse.
There are other ways to make a point that are actually civil.
I’m optimistic that Trump will address the national debt one way or the other. One good idea was to tap Alaskan oil, sell it to China and dedicate the revenue to paying off the national debt. Another way is to dedicate tariff income to the national debt.
:-) thx!
I’m not totally sure what percent of your SS is taxable. Worst case, you would probably have ~18K of taxable income - taxed at 10%; could be as little as 8K taxable income. Just off the cuff calculations
It’s only temporary? Temporary it will remain because Trump is the only one who cares. Once he’s gone those gluttons in Congress will let it sunset.
But my beef is when states tax folks retirement income. I know there are some states that don't, but the majority do. It's something that shouldn't be taxed either.
Seniors will still have to fill out the SS worksheet to find out how much of their SS income is taxable.
Thanks for the reply. Whatever tax break I get will be appreciated. My taxable social security last year was $23,000. Last year I had 48,000 of taxable income on my return. Tax on that amount was $5,700. I have them take out 15% of my social security for taxes, so I get a refund each year. Last year it was $2,100.
“I’m anything but obtuse.”
I suppose I should have said unknowing. I saw that explained about fifteen times in the last three days.
Historic? Taxing Social Security only started in 1984.
This bill did not repeal the taxes, it only gave a larger deduction. Why the hell are we taxing Social Security, which was a tax in the first place and meant to be a benefit.
Transitive logic says giving someone $,1000 but taking away $300 means you only gave them $700, so why not just give them $700 not tax it and stop playing games?
“The law did not allow Social Security taxes to be changed in that type of bill that was passed yesterday”
Yes, it did. Where did you get that it wasn’t? This was a tax bill.
So if you depend solely on SS then you get the benefits. If you worked hard, had a little extra not spent enteraining yourself while you worked for a living, you are further taxed on the proceeds of what you sacrificed to have today.
Social Security is just another taxable income for me. Having multiple income streams was my goal. After taxes on my SS I probably get less than someone with 40% of my SS payments.
If the goal was to help SS recipients it was designed solely for the lowest income recipients.
There was nothing fair about this legistation - the politicians have simply created a situation that will provide nothing in 5-years when the USD is halved yet again by Trump’s inability to pay down the debt.
This is just a short term tax bracket scheme. One day even the lowest recipient will find they are again paying taxes on their social security payements.
Same next door in Illinois and that also applies to all retirement accounts.
That’s what they said. Did they change it back to ‘no tax’ ?
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