Quote:This is a very significant policy proposal. President Trump is supporting a position that Seniors should not pay taxes on Social Security income.



This comes on the heels of President Trump supported policy that income received from service tips should not be taxed.

Combined, both of these policies would result in massive numbers of middle-class Americans having more money in their bank accounts. The national economic benefits of these two combined policies are extremely significant and could actually offset the financial damage done by Joe Biden.

(07-31-2024 03:54 PM)rath v2.0 Wrote:  Ok I'm going to sound like a rube...social security is taxable income? Who thought that was a good idea ever?

(07-31-2024 04:02 PM)WKUApollo Wrote:  

(07-31-2024 03:54 PM)rath v2.0 Wrote:  Ok I'm going to sound like a rube...social security is taxable income? Who thought that was a good idea ever?

Social Security benefits became taxable in 1984 after the Democratic Congress passed and Reagan signed the 1983 Amendments into law in April 1983. The amendments allowed up to 50% of Social Security benefits to be added to taxable income if a taxpayer's total income exceeded certain thresholds. The thresholds were set at a modified adjusted gross income (AGI) of more than $25,000 for single beneficiaries and $32,000 for married couples. Those are 1983 dollars. Clinton also signed another one in 1993.

(07-31-2024 03:54 PM)rath v2.0 Wrote:  Ok I'm going to sound like a rube...social security is taxable income? Who thought that was a good idea ever?

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

(08-01-2024 08:36 AM)bearcat65 Wrote:  

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

Kind of like the Inflation Reduction Act? Kind of like Student Loan Forgiveness?

(08-01-2024 08:39 AM)Redwingtom Wrote:  

(08-01-2024 08:36 AM)bearcat65 Wrote:  

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

Kind of like the Inflation Reduction Act? Kind of like Student Loan Forgiveness?

Not really. Both those things are actual policy things that have happened...or were at least officially attempted.

(08-01-2024 08:41 AM)bearcat65 Wrote:  

(08-01-2024 08:39 AM)Redwingtom Wrote:  

(08-01-2024 08:36 AM)bearcat65 Wrote:  

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

Kind of like the Inflation Reduction Act? Kind of like Student Loan Forgiveness?

Not really. Both those things are actual policy things that have happened...or were at least officially attempted.

Are you saying neither created holes in the deficit or pandered to certain groups? There are the same.

(08-01-2024 08:47 AM)WalkThePlank Wrote:  

(08-01-2024 08:41 AM)bearcat65 Wrote:  

(08-01-2024 08:39 AM)Redwingtom Wrote:  

(08-01-2024 08:36 AM)bearcat65 Wrote:  

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

Kind of like the Inflation Reduction Act? Kind of like Student Loan Forgiveness?

Not really. Both those things are actual policy things that have happened...or were at least officially attempted.

Are you saying neither created holes in the deficit or pandered to certain groups? There are the same.

No, only the R side panders and blows holes in the deficit. Duh.

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.

(07-31-2024 04:16 PM)UofMstateU Wrote:  

(07-31-2024 04:02 PM)WKUApollo Wrote:  

(07-31-2024 03:54 PM)rath v2.0 Wrote:  Ok I'm going to sound like a rube...social security is taxable income? Who thought that was a good idea ever?

Social Security benefits became taxable in 1984 after the Democratic Congress passed and Reagan signed the 1983 Amendments into law in April 1983. The amendments allowed up to 50% of Social Security benefits to be added to taxable income if a taxpayer's total income exceeded certain thresholds. The thresholds were set at a modified adjusted gross income (AGI) of more than $25,000 for single beneficiaries and $32,000 for married couples. Those are 1983 dollars. Clinton also signed another one in 1993.

Thats also when they started requiring SS#'s for dependents, even children. The first year it was in place, america suddenly lost millions of children.

Not taxing SS benefits could also help clean up whether or not a retiree even has to file. It will also help when a retiree has to draw out some form of other retirement. My mom never made enough in SS to have to file. But in my mom's last year, she took a 30,000 disbursement. She ended up paying an effective rate of over 30% on that, because SS was in the mix.

(08-01-2024 07:36 AM)VA49er Wrote:  I've never understood why SS income would be taxed.

(08-01-2024 08:33 AM)Redwingtom Wrote:  Any way, just like the no tax on tips...and the I'm giving you a tax cut before the 2018 midterms...he's just saying anything he desires to get votes. He has no idea what the actual policy would be or how he'd cover the hole in the deficit these things would cause.