Posted on 06/03/2025 9:09:24 AM PDT by ChicagoConservative27
President Donald Trump wants the “big, beautiful bill” at his desk by the Fourth of July he made clear Monday evening ahead of the U.S. Senate reconvening.
Passing the bill, which received approval in the U.S. House of Representatives in a 215-214-1 vote on May 22, is what Trump described as a “Historic Opportunity to turn our Country around after four disastrous years under Joe Biden.”
Trump touted a few of the benefits, including balancing the budget by “enacting the largest mandatory Spending Cut, EVER,” and the tax cuts, which will result in more Americans keeping their own hard-earned money.
“… Americans will get to keep more of their money with the largest Tax Cut, EVER, and no longer taxing Tips, Overtime, or Social Security for Seniors — Something 80 Million Voters supported in November,” he said, touting the benefits for American energy as well:
(Excerpt) Read more at breitbart.com ...
> and no longer taxing Tips, Overtime, or Social Security for Seniors <
Someone please clarify. I’ve read that the ‘no taxing Social Security’ part was dropped from the final bill.
Presidents come and go. Senators are forever.
They need to be hammered that they will be responsible for the largest tax increase in history. Nobody in the Senate has a right to question this bill after they have put us in this debt.
Will it drive big, catastrophic debt?
Eventually have to kick them off the island with Murkowski & Collins.
We should have it by tomorrow, June 4th.
What’s the problem?
>Republican prima donnas
A republican bill is being blocked by ... republicans?
>Yeah. Hard to believe, ain’t it?
No. A direct “no tax on SS” cannot be in this bill because of the “Byrd Rule” in the Senate, specifically changes to SS cannot be made in this type of bill.
The workaround is a $4k tax credit for seniors that will cover the tax for most people. Congress leaders have said “no tax on SS” can be addressed later in another bill, directly eliminating the need for a workaround.
Thanks for the explanation. It all makes sense now.
👍🏻
No. That lie is being spreaad by the left and by the CBO scoring. The CBO is a leftist group, >80% democrat donors. Their flawed analysis has been consistently incorrect. They score no change in the tax law as a large deficit. They are inconsistent on their scoring as well causing further distortions.
The way to make the largest decreases in the debt is to drive growth which is what this bill does. The changes to business tax & depreciation as well as the continuation of current tax policy will lead to a growth rate in the neighborhood of 4% Bessent has said this will yield several trillions of $ for debt reduction. The tariffs will also be available to reduce debt. There are $1.3b of cuts in this bill and more will be coming as DOGE cuts are ratified.
The sooner the better.
Has sonething changed here? The no tax os SS benefits provision was taken out and a temporary 5 year benefit was added. So it is deceitful to say there will be no taxes on SS bennies.
It’s really odd. Based on your post #8, I did a little more digging. About half of the sites I checked say it’s a $4000 tax credit for seniors. About half say it’s a tax deduction.
Did the final bill change from one to the other? Or is one group just using the wrong words?
Here’s something the House Ways and Means Committee. They say it’s a tax deduction, which is much less of a break than a tax credit. 🙁
Someone please clarify. I’ve read that the ‘no taxing Social Security’ part was dropped from the final bill.
______________________________________
It was. And replaced with a temporary 4 year plan.
https://www.perplexity.ai/search/were-social-security-taxes-on-vn.AjcvgSLCdOZit8ZJSIA
Essentially Trump made a campaign promise he could not deliver on. But compromises must be made.
RE: President Trump Wants ‘Big, Beautiful Bill’ By Fourth of July
The Bill might be BIG, but for me, it won’t be BEAUTIFUL if it does not cut spending by a humongous amount. Do away with baseline budgeting!
I forgot about that Byrd Rule. Thanks for posting.
https://www.perplexity.ai/search/were-social-security-taxes-on-vn.AjcvgSLCdOZit8ZJSIA
There is something in the law when the Social Security bill was written that prevents actually stopping the tax removal. I have heard several say it on the Fox business channel. . I have read earlier that they were going to have another way to help allow tax discount. I hope so we pay big tax on SS.
The problem is you save in 401k or 403b and you have to take Required Minimum Distributions that are now fully taxed. Presto your SS tax is huge. I wonder what math genius figured that out for Uncle Sam years ago.
If I was young and working again, I would not put any money in 401 or403 unless my company matched. Just pay the tax , put in long term treasury and some in market.
I think we have to wait & see because there is a House version and there will be a Senate version. Nothing is finalized until the Senate version is passed and hopefully the House adopts the Senate version so that the POTUS can sign it into law..
I agree completely. When I am forced to take out $ from my IRA each year it is taxable income, may even bump into the next bracket. I would never have put $ into an IRA if I knew what I know now.
If the government wanted to incentivize saving for retirement, they would have provided deductible contributions to an IRA AND allow tax free withdrawals of your RMD after SS retirement age.
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