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.
And the seniors who were more diligent and successful about saving during their working years are likely to have a ZERO tax deduction once the phaseout on income is implemented.
A Congressional incumbant = traitor to the people of the United States.
IT IS A RECONCILIATION BILL!
“The last is the worst. And it looks like that’s the one we’re gonna get.”
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You are exactly right. They obviously baited us with goodies and in the end threw us a (small) bone. The deduction just lowers your taxable income; the credit would have been a dollar-for-dollar reduction in taxes owed.
We got screwed again. Situation normal regardless of party.
“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.