Trump: No taxes on Social Security

Discussion in 'Current Events' started by Lil Mike, Jul 31, 2024.

  1. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    Sure, so long as qualifying private retirement accounts aren't taxed under the same dispersement parameters.

    Let's not incentivise reliance on government programs while decintivizing individual personal responsibility.
     
  2. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    I'm pretty sure every worker is forced into the government program. Unlike students who elect to take debt.

    But... relativism fallacy.
     
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  3. gringo

    gringo Well-Known Member Past Donor

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    trumps desperation is apparent

    I find it difficult to believe anything he says
     
  4. The Mello Guy

    The Mello Guy Well-Known Member

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    You think the taxes people like trump pay on his SS is even noticeable?
     
  5. Quantum Nerd

    Quantum Nerd Well-Known Member

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    If you are filing married, you already don't pay taxes on benefits up to $32,000. This is about 40% of all SS recipients. $32,000-$44,000, you pay takes on 50%. Above $44,000, you pay taxes on 85%. That means no taxes on SS benefits will affect mainly the ones with the highest benefits, i.e. the ones who don't rely on SS for a large majority of their income anyway. I'd say, why fix something that isn'y broken?
     
  6. Bullseye

    Bullseye Well-Known Member

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    Funny that Biden's deficits have out sized Trump's for the last four years.
     
  7. Lil Mike

    Lil Mike Well-Known Member

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    That's simply not possible as the buy out costs would be unaffordable.
     
  8. Lil Mike

    Lil Mike Well-Known Member

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    I don't see how that addresses the issue.
     
  9. flyboy56

    flyboy56 Well-Known Member Past Donor

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    The issue?
     
  10. cd8ed

    cd8ed Well-Known Member Past Donor

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    Doing what we are doing now is unaffordable.
    Transition anyone that is in it currently to a hybrid system

    If they are currently drawing they draw until their death.

    If they have already started paying then all future payments will go into a savings retirement account and they will be able to draw proportional amounts

    If they have not yet started paying then they go to the new savings retirement account only

    The new retirement account could take the place of IRA’s, tax it on draw
     
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  11. cd8ed

    cd8ed Well-Known Member Past Donor

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    Because it sounds great to people that have no comprehension on policy and are swayed by tweets and bumper sticker slogans
     
    Last edited: Jul 31, 2024
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  12. Shutcie

    Shutcie Well-Known Member Past Donor

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    Fix Social security?
    Start with removing the taxable wage cap for social security. Tax every payroll dollar.
     
  13. Endeavor

    Endeavor Well-Known Member

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    OK.. OK.. get it .. more tax cut for poor RED state resident, while we in Blue state pay more. Not a problem, after all 72% US GDP comes from blue district.
     
  14. Bluesguy

    Bluesguy Well-Known Member Past Donor

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    My state has an additional homestead exemption once you hit 65 and have lived in the home for I think 10 years and then your tax is frozen at that AMOUNT not rate but the amount never increases as long as you live in the home.

    That's fair enough we seniors shouldn't be total freeloaders.
     
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  15. Shutcie

    Shutcie Well-Known Member Past Donor

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    Aaawwww ........
    You need to write a firmly worded letter to your congressional delegation.
     
  16. Bluesguy

    Bluesguy Well-Known Member Past Donor

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    And of course increase the benefit commensurably, I mean only fair the more you pay in the more you your benefit since it IS a retirement system.
     
  17. Bluesguy

    Bluesguy Well-Known Member Past Donor

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    How about those at the bottom actually contribute?
     
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  18. Bluesguy

    Bluesguy Well-Known Member Past Donor

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    You pay a higher FICA rate in your state?
     
  19. Shutcie

    Shutcie Well-Known Member Past Donor

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    Sure!
    Course, social security sucks as a retirement investment but fair is fair.

    Removing the cap would extend the solvency of social security a long ways. As I recall, to the end of the century.
     
  20. Endeavor

    Endeavor Well-Known Member

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    we pay lot more to keep the lights on in state like AL. but that is ok, as i have said , we keep the lights on in RED state because they are fellow American. i only hoped they are grateful but it seems like they are ****ing ungrateful ******!
     
  21. Bluesguy

    Bluesguy Well-Known Member Past Donor

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    Wouldn't make a dent. Most of the persons whom you to rape get their income from capgains revenue not wages and you raise their benefit commensurately and you wipe out any gains.
     
  22. Shutcie

    Shutcie Well-Known Member Past Donor

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    @Endeavor
    @Bluesguy

    I can see you are confused. The FICA tax at issue is a specific payroll tax both employers and employees pay. The tax revenue from FICA is earmarked and can only be used to pay social security benefits.
    FICA has nothing to do with capital gains. Or keeping the lights on. FICA is only about social security.
     
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  23. Shutcie

    Shutcie Well-Known Member Past Donor

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    The tax is 7.65% (1.35% is for medicare) and your employer matches that.
    FICA caps at (I think) $200K but there isn't a cap for medicare.
     
  24. wgabrie

    wgabrie Well-Known Member Donor

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    I think it's a good idea. Not just because of increased benefits for retirees but also because a major benefit of making SS earnings non-taxable is that Seniors won't have the additional load of more complicated tax filings.

    Anything that reduces tax filing complexity is a good thing in my book.
    :)
     
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  25. Bush Lawyer

    Bush Lawyer Well-Known Member

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    Tell me how Humpty* is addressing the issue, other than tossing out a kit fly with no substance.
     

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