Sorry.....didn’t see it was already posted. I did a search too.
Now go get Big Balls.
Paid for by more debt.
So how does this work exactly?
I applaud the bill and understand its limitations under the Byrd Rule but this is a little misleading. The deduction lasts 4 years and doesn’t help my middle class living when earning 150K but have reached FRA
I’d like to know how they get the 90% figure. It is just a $6000 extra deduction per person over age 65.It phases out after $150,000 AGI (filing jointly). No deduction at all after $175,000 (filing jointly) is what I read. Looks like a case of lying through statistics.
Worthless to me.
Assuming I live to a ripe old age, I’ll get a negative 1.5% return on my ssn.
And then I will be taxed on getting a portion of my money back.
Absurd.
I received an email from SS last night celebrating the Bill passage. Now if only they could get off their a$$ and approve the start of my monthly payments. I hit full retirement three days ago and the online application I submitted was May 14th. So much for their 30 day “typical” approval time.
SS tax in old age is double taxation. Trump is doing this because he is smart enough to know that. When I worked I was taxed on my whole income, which included my SS amount. You working people check and you will see you are paying taxes on it too.
Obviously now that I am old, they are taxing it again (up to 85%).
I have often wondered how Congress got by with this slick trick way back.
Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors.
Play on words, when you read the bill it’s BS. If you and your wife make 150G you’re out.
It looks like the foreign invaders are going to have to pay for their own “a better life.” I’m done with it. They can pay for all their free stuff themselves. Freeloaders. Training their chimps to bash the Trump America piñata is over.
So in addition to the poor solution it turns out it only lasts 4 years. I understand 60 senate votes are required to eliminate the SS tax, but still I’m very disappointed in this. However, this might be a battle that can be won in the future even with some democrat support.
What’s historic about it?
Taxing Social Security is a ridiculous ruling. Trump knows that. Of course he got this into the bill. He started talking about it during his rallies.
Social Security was taxed starting in 1984 the 98th congress which was democrat, came up with this
Joe Biden was one of them. Google points out only that Reagan signed it, not hat it was a democrat idea
In 1993, the 103 Congress, democrat, increased the rate to 85%. Biden was in on that. Clinton signed
This way seniors could be further responsible for what is done with our tax money, with little control
Trump said stop this.
The history is that social security wasn’t taxed from its inception in the late 1930s until the democrats in the 1980s.
Spending increases are always permanent, tax cuts are always temporary.
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.
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 ...
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.
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.
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?