Posted on 08/08/2024 8:36:56 PM PDT by SeekAndFind
Two wins for the American worker and American retiree. End taxes on tips and End taxes on Social Security checks.
The Committee for a Responsible Federal Budget has calculated that eliminating these would worsen shortfalls for Social Security and Medicare Hospital Insurance by 25% and 170%, respectively. It would make the latter insolvent by 2030, six years earlier than expected. ..
More of this, Mr. Trump. Eliminating taxes on Social Security benefits is something every senior can vividly comprehend and appreciate. Make it a national policy, not just per state, as Walz has done in his own state.
Starting with the top alphabet departments.
I wish Trump would start a movement to make property taxes unconstitutional. With these taxes in effect you are basically a renter, not an owner.
Exactly. Eliminating waste in govt will pay 10 times required amount over 10 years. Entire departments can be eliminatd starting with education.
Stop giving SS Ben is to people who never iPad into the system would save a massive amount...
Funny how the Slimes worries about balancing the budget when it is a Trump proposal. The only time the Federal Debt was zero was way back when Andrew Jackson was President. Milton Friedman made the case that only a Balanced Budget Amendment is ever going to work .
I doubt a big number of retirees pay any taxes on Soc Sec regardless. This would mostly help the higher levels recipients.
For single taxpayers, there are no taxes on Soc Sec up to an income of $25K with only 1/2 of Soc Sec in that $25K calculation. The average Soc Sec check is about $21K, and only half of that is in the calculation.
Which means most people are already not paying taxes on it.
It’s $32K for married. Which would be two checks coming in. $21K each is $42K and only half of that counts so no taxes for them either.
The people this helps is those with other income in retirement than Soc Sec. They are going to blast through the $25K threshold. This will end them paying taxes, but as retirees go . . . they are “the rich”.
That’s how this will be attacked.
This guy is interesting. He points out a number of areas that could save the taxpayers some money. Think Javier Milei style cuts.
https://petersantenello.com/videos/inside-americas-corruption-capital-washington-d-c/
Most of the “alphabet departments” were created in the late ‘60s and ‘70s basically in an attempt to placate rioting hippies.
They can be dispensed with. And should have been long ago.
At least halve them.
Weaken the power of government services unions. Make it open shop at least with the possibility of union members suing the union for misdirecting funds.
..lots of things to do. Make teacher unions open shop..
make it only for each state.
Tax write off for private or home schooling...or public schools. Force public school budgets to tell taxpayers how much of the taxpayers tax goes to education and is therefore write-off possible.
“ Of the 85% of benefits subject to income tax, 50% goes to Social Security and 35% to Medicare Hospital Insurance.”
So they tax us to pay for the program that pays us, then when we finally get to get paid they tax us again to pay for the program. It’s a snake eating its own tail.
L
My mom would approve of that she pays so much for the damn property taxes here in so cal it’s ridiculous
So true! Ours just went up again. 15 years ago when we bought the house our mortgage was 1400 a month and now it’s 1800, even though we’ve paid off a lot on the actual house! Some of that is higher insurance rates but mostly it’s taxes.
As for SS, taxation on it is too complicated. Taxes have been paid on half of the "contribution" already, your part. Make 50% of it taxable for the amount above the poverty level x2 and forget the rest.
Most things the gooberment does are way to complicated. It is intentional. NObody can screw up so much by accident. The Part D drug scheme for example, donut hole? Why? Incentive to better manage drug costs? Really? Is that scheme working? I see that in '25 it becomes simplified but we will see if it actually becomes less costly.
Gooberment never helps those who need help and tapers off the ones who just need a little help. It is all or nothing to and past the cut-off points. Idiocy.
Want to save some money? Some real money? Eliminate baseline budgeting and go back to zero base budgeting. Give congress something to work on besides making stupid laws, more programs and fiddle farting around. Justify every penny every year and encourage savings instead of the spend or lose it incentive and the built in increases now. Baseline budgeting is why government has automatically outstripped inflation far and away.
A side benefit is the 12 to22 tax bracket switch - currently about $95K. If a couples AGI is $95K any Mandatory Distribution (MD) would be taxed at the 22% level. If SS is no longer part of AGI, MDs would only be taxed at 12%
It would also help retirees who are working or would like to work. If you want to work while drawing Social Security it gets complicated to work more than part time.
Trying to balance working just enough hours without earning over the amount that triggers the complications with needs of employer for any decent job can get tricky.
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