Posted on 06/12/2025 1:00:11 PM PDT by eastexsteve
WASHINGTON, D.C. – The One, Big, Beautiful Bill fulfills President Trump’s promise to seniors and provides welcome tax relief after four years of inflation robbed their retirement under President Biden. Each senior will receive an additional bonus of $4,000 to the standard deduction, putting more money in the pocket of millions of low- and middle-income seniors.
(Excerpt) Read more at waysandmeans.house.gov ...
“The last is the worst. And it looks like that’s the one we’re gonna get.”
Yes, but surely you would rather have Medicaid and food stamps paid to the unemployed and the illegals. They are so much more deserving.
That would suit me very well.
And Bush got absolutely pilloried by Democrats who demagogued that issue by repeatedly calling it a risky scheme. With the help of the corrupt MSM they bludgeoned Bush by scaring seniors and near retirees. Of course, nothing was done and no one talked about SS for another decade or more.
“Disagree. Retirees are working people their entire lives.”
Disagree. Normally “working people” are considered as the people earning some kind of pay for work they are doing all the time - as in paying job.
Only 20% of those over 65 have employment from earned income
But only 23% of retirees have social security as their only income.
The numbers suggest that there are a greater number of people getting social security and some other income, who are getting that income from private retirement plans and other means, than the numbers getting that additional income from paid work. I am in that former category as are most retired folks I know.
> Yes, but surely you would rather have Medicaid and food stamps paid to the unemployed and the illegals. <
I’m not quite sure what the logic is there. We can have a meaningful tax break for seniors and at the same time fix the Medicaid and food stamp mess. It’s not one or the other.
“And Bush got absolutely pilloried by Democrats who demagogued that issue by repeatedly calling it a risky scheme. With the help of the corrupt MSM they bludgeoned Bush by scaring seniors and near retirees. Of course, nothing was done and no one talked about SS for another decade or more. “
Ever since the Dims under FDR created social security, they, the Dims, made touching the social security system into the “third rail” of domestic politics (using an analogy to the electrified third rail in a subway system).
I realize this, and that's why I think they needed standalone legislation on this. I won't hold my breath waiting for my Spam to turn into a steak. I think this is all we will get.
It's only deductible if your total itemized deductions exceed your standard deduction. Otherwise, it's just another congressional shell game to fool the general public.
The 4 g doesn’t go to all seniors, it’s al socialist scam. Pubbies are not much different than the RATS.
In my state, school taxes make up a small portion of property taxes. And, the state limits the amount.
I think the proposed car loan interest deduction is an “above-the-line deduction”...not an itemized deduction.
But in any case massively increasing the “standard deduction” (PDJT 1st term) is really hurting church tithing and non-profits that rely on donations.
They really need to get rid of IRMAA- it raises your Medicare premiums if you had the audacity of working hard and saving for your retirement.
I am an overall expense to you that I don’t get to see but my labor is worth to you that entire expense. This means that I am the reason you incurred the cost of having me as an employee. My labor is paying for what you budget for hiring me. That my paycheck shows me my supposed contribution to social security, it hides the fact that you contribute just as much as part of your cost of having me work for you. I pay ALL of it with my labor.
“My understanding, the $4000 credit has income limits… “
It is a deduction, not a credit.
“from memory, only if you make less than $60 grand.”
Once again, your Socrates has bad info.
“Actually it was mostly the Greatest Generation who became socialists and grew govt by leaps and bounds, but your point is well taken.”
Yes. I’ve pointed this out before; the first national election that boomers could vote in was 1968. Law and Order candidate Richard Nixon was elected that year. The real bad stuff, giving the Democrats the House in 1956 and the veto proof Senate majority in 1964 was the so-called greatest generation. Though the boomers later caused a lot of trouble the Democrats never regained as much power as they had before 1968.
You are not in my league. As I stated, the $4,000 deduction has income limits. You are getting very, very sloppy….
“ The tax break also has an income threshold, with the full $4,000 deduction available to single filers who earn $75,000 or less and for married couples with annual incomes below $150,000. The deduction would be phased out for people who earn above those amounts.…”
https://www.cbsnews.com/news/social-security-income-tax-benefits-trump-one-big-beautiful-bill/
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“I pay ALL of it with my labor.”
No. The employers revenue pays all of it, without which you’d have no job.
The employer revenue results from the combined labor of EACH employee. Each employee comes at a cost to the employer which includes paying 50% of THAT employees social security obligation to the government. This arrangement helps to hide from the employee the true amount of social security taxes being stolen from HIS labor contribution to the employer. It is a dishonest system that needs to end. To end this, legislation needs to be passed that requires showing the TOTAL amount of social security taxes his labor is producing on his pay check. The employers role in paying 50% should be eliminated.
“The employer revenue results from the combined labor of EACH employee.”
No.
The employers revenue results from (1) labor, yes,
AND (2) from the employers capital investment in the land, in the plant, in the equipment, in the entire infrastructure of the operation, as well as the employers expenses in raw materials, parts, utilities for the infrastructure and operations of the facilities, maintenance of the land and facilities, marketing, local property taxes, state and federal taxes, and sundry other expenses
WITHOUT WHICH THERE’D BE NO JOBS THERE.
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