Basically wants to turn social security from a 401K to a Roth IRA.
He could also think about eliminating the social security death benefit. $240 doesn’t help much anyway.
“Critics argue that eliminating the tax could reduce government revenues by $1.8 trillion over the next decade.”
A reminder that Xiden dreadfully overspent and piled about that amount on the federal debt in 200 days and our uniparty congress gave him the money to do so.
You can’t be serious about the national debt, or even the annual deficit, without reforming and reducing entitlement programs like Social Security and Medicare. Any proposal that ignores these is just more political fluff.
Get rid of those damn property taxes too my mom pays 18,000 for her house
That one’s exceedingly simple, though it would force the dems to be honest: “Trump said it, so we’re again’ it.”
With this proposal and eliminating tax on tips, you could fire the 87,000 IRS agents so that they can get real, tax-paying jobs in the private sector.
Two things happened to Social Security- both done by a@@hole demoncrats.
1.) The first, done by LBJ(!!) was to count the Social Security Trust Fund INTO the General Revenue funds of the United States, in order to balance the “budge” in the face of Great Society handouts. This was a criminal act and Congress went along with it as another “handout” empowerment.
SO— This should STOP right away. Make the government function on ACTUAL taxes from the world of commerce, and not pilfer retirement funding. Dramatic effect on the jackasses out spending using borrowed money from the Fed Reserve and paying it back from General Revenue (which includes SS Trust Fund).
2.) Bill Clinton/dems began taxing Social Security as a)income, as a “taxable amount from a table/calculation) and b) reducing payout of Social Security by a monthly premium for Medicare— paid OUT OF THE Social Security Trust Fund!! and now Medicare is monumentally going bankrupt because of all the “yahoooo!” billable items rolled into medicare, and the premium goes UP every year since, along with so called Medicare Advantage plans supposedly “offsetting” the monthly premium paid by people on Social Security.
Trump does all this and stops any taxation of Social Security retirement benefits— and our government will HAVE to have a budget like everyone else has to watch spending every day vs. income revenue. Mark Levin asks the question every time— “how much money does the Fed gov take in a month in revenue” and “as such the govt. MUST pay debt obligations,and always has had enough to do so— if it would not spend the revenue away on political pet new items of handout and redistribution” This is the way the big LIE we will go “bankrupt and not pay our national debts” — because the Treasury deliberately does NOT pay the national debt FIRST, and then screams it needs to borrow from... The Federal Reserve Bank (a private bank, btw).
This is how, even pilfering from the SS Trust Fund (where is the Trust Fund? The joke horribly true is that it is in a data center in West Virginia, full of I0Us from the US Govt) the US govt is 100 Trillion in unpayable, unfunded liabilities.
Analysts and regular people, often overlook the fact that, cutting taxes, no matter from where, allows people to keep more of their money, and more money in people’s pockets means more spending into the economy and more economic activity. More economic activity, especially by consumers, means more people working and more earnings that could be taxed, thereby generating more tax revenue for government than what was lost with the tax cutting.
The ‘loss’ of $1.8 trillion over 10 years would easily be overshadowed by larger amount of tax revenue collected from the higher economic activity. The tax cuts to not go into a hole never to be seen again; that money is reinvested by consumers to generate a lot more income and a lot more tax revenue. Same with the -no-taxes on tips policy, where government estimates the ‘loss’ of some $220 billion over 10 years, All those tax cuts end up generating more in taxes in the long run, than the amounts that were cut in the first place.
Also notice that, when it comes to making tax cuts seem too high and unworkable, the estimates are for 10 years, making people wary of letting those cuts happen. Those tax cuts should be calculated for each year, which would make them more palatable and acceptable to normal folks. Scare tactics work, but they are also very hurtful.
Trump’s proposal is do good it would elect anybody living or dead. But he had the smarts to sponsor it first in this election. He’s actually quite politically astute
The first time I understood that social security payouts were taxable was quite a shock for me. It’s outrageous to think we would be taxed on the very money that we spent our entire working lives paying into.
Keep in mind I fully understand that any payout I get is not “my money” since this entire system is a Ponzi scheme and any money I had put in has been spent many times over...
Of course the liberal left see many people collecting social security that ALSO saved for retirement beyond social security as “rich and wealthy” and hence expect them to be taxed for their good behavior!!
Three, two, one...how long before Kackles adopts this too?
All great objectives, although the path to victory boils down to: “It’s the border, the economy and foreign entanglements, stupid!” (of course I am in no way referring to you, S&F! Cheers!)
Eliminating taxes on Social Security would win the election hands down. Lots of females collecting SS who vote and aren’t worried about a federal law on abortion.
Unless and until the US STOPS SPENDING cutting taxes is not going to work.
We already paid tax on SS when we were working. Now we pay tax for up to 85% of it again, depending on our “wealth”.
The left will just (promise to) steal it, like they did the tax on tips.
(promise to, then renege)
If focus groups say it’s a winning issue, Kamala will also come out for it, and two weeks later the media will have convinced most people it was her idea to begin with.
It happened while Reagan was president, but I'm pretty sure it was not his idea.