Trump: No taxes on Social Security

Sooo… I don’t know if you are aware of this, but social security is a program with a budget in the form of a public trust fund. Now that baby boomers are becoming the senior boomers, this public trust fund is due to have a budget shortfall resulting in automatic cuts to the program in 9 years (since the program runs on a public trust fund, the cuts come automatically when the shortfall arrives). If we were to pass any policies that were to cut revenue that goes into this public trust fund, this will result in a greater budget shortfall, or possibly cause this shortfall to arrive sooner rather than later

At our current rate, social security will have an automatic 21% cut by November of 2033.

 

there isn't, unless you work and collect social security, but I am good with wiping out the tax altogether, but betting most Republicans in congress won't support that

 

what we really need to do is make Medicare cover 100% of Medical bills vs 80%

 

Right… Like biden, harris and the rest claim they’re gona “TAX THE RICH!!”

They’ve only had 3 1/2 years to do this, yet they haven’t, why? Because taxing “the rich” would mean taxing themselves.

Remember biden proclaimed: he wants to tax anyone making over $400,000 per year.

https://amp.cnn.com/cnn/2024/04/15/politics/bidens-2023-tax-returns

Do you really think biden or anyone in the political world had any intention on taxing themselves?

Come on 9royhobbs, you’re way smarter than to believe that crap.

 

So, has he explained how he'd make up for the lost revenue?

But........BIDEN

Even funnier that Trump's handouts from Oct 2020 - Jan 2021 count towards Biden's deficits.

But it's really not about who sits in the WH, -if you don't like deficits, then you should oppose the increase regardless. What do you think about Trump's proposal, which will increase then further?

 

seems they just need to raise the caps on the limits of what one can earn, right now is 25k tax free

https://www.forbes.com/sites/andrew...ax-on-social-security-benefits-is-bad-policy/

"A more nuanced policy approach to reforming the tax would be to revisit the $25,000 and $32,000 thresholds, and adjust them from 1984 to 2024 dollars—about $77,000 and $99,000 respectively. Such adjustments would ensure the tax policy remains progressive and fair, as it was originally intended, while protecting the financial integrity of the Social Security program."

 

He didn't post much of anything at all beyond a one liner that he hopes will convince seniors to vote for him, so assuming some accounting tricks being part of his strategy is well within reason. But in reality, both you and I know he has zero idea what to do, how to do it, and probably thinks social security is the company who staffs the guards at Mar-A-Lago.

 

Social security is built with your own tax money. It is then supposed to be used as investment over the years, and you draw it out in retirement. As far as "investment" goes.... it's mostly loaned to the US government and adds to the national debt which they never make payments to principle, resulting in a rapidly growing debt total. All they pay is the interest.

Any rational person should know that social security should not be taxed again- but with a spendthrift government whose abuse of economics continues to grow, they are always desperate for "new" taxes, a way to raise money without raising tax rates- which would bring far more hostile reactions.

ALL taxes are paid by consumers. When they tax industry and tell you somebody else will pay for what they want to finance.... That industry has no choice but to build the new tax into the cost of the product price, and consumers pay for it. They are never taxing "somebody else", just creating ways of taxing the voters without telling them they are the ones paying the bill. All of it- feeds the addiction to spending that consumes government motivations.

 

much like the taxpayers paying off debt taken on by students. Congress needs to make that happen, not a POTUS.

DC never met a tax they did not like so this is DOA

 

Donald Trump calls for elimination of tax on Social Security!

Links:
https://nypost.com/2024/07/31/us-news/donald-trump-calls-for-elimination-of-tax-on-social-security/
https://www.coloradopolitics.com/tr...cle_c8e72877-404d-59cf-a755-ffaea156350e.html
https://rollcall.com/2024/07/31/trump-pitches-repealing-tax-on-social-security-benefits/#:~:text=Social Security payments would be,in an increasingly competitive race.

This would be a very positive step for Trump's campaign, because retired people who have earned their Social Security benefit have been unfairly taxed on that money for decades!

You may be sure that this will become a very large factor in the campaign, because the Baby Boomer generation, which numbers over 73,000,000, is famous for one thing in particular -- WE VOTE!

 

It's true.

But baby boomers don't want Trump to become POTUS and that to be the last time they vote.

 

SS is actually insurance paid for by the beneficiary through the years. I never thought it should be taxed, plus by itself it boosts you up in the tax brackets. AFAIK, most insurance payouts are not taxed.

 

Well, the tax on Social Security is blatantly unfair, and I still can't believe that Ronald Reagan ever got such a thing put into practice... but it will be interesting to see if Democrats wake up and counter with something at least as good (and FAIR).

 

I think Galveston went that direction. I think it's still in play but not sure.
https://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html

 

I can't comment on this tax as it's a subject I'm not familiar with.

But I can tell you that at this point in this campaign, even if Trump found the cure for cancer or got shot again, he'd have just as much trouble winning this election.

The majority of Americans don't want him as their leader.

 

First of all what is the tax on SS benefits?

If, after all, adding your Adjusted Gross Income, Non Taxable Interest and HALF your SS benefits for the year, is less than 25,000 (single) or 32,000 (married) there is no tax on your SS
If that number is between 25,001 and 34,000 (married) or 32,001 and 44,000 (married) then 50% of SS is to be taxed
If that number is over 34,001 (single) and 44,001 (married) then 85% of SS is to be taxed.

So, once again, what Trump is offering is a tax cut for the wealthiest of Americans...lower income already do not pay any taxes on their SS

If you are retired, and receiving SS and your AGI is over 44,000 dollars you are already making MORE than the average person who is working (about 36,000). You are retired, that means the bulk of your income is from investments. That income is INTEREST off investments. You probably have a retirement portfolio valued at well over 1 million to be making that kind of interest.

The people making under 25,000 in retirement...the bulk of that income (maybe 100% of that income) is from SS

Once again, it sounds nice...but is just another tax cut for the rich

 

someone getting 44K a year is "rich" to you?

 

Great post, Ark...
Very Spot On....

 

I don't disagree with you, Arkanis -- but the tax on Social Security benefits is blatantly unfair for a number of obvious reasons. Please take a few minutes and look this over: https://www.pbs.org/newshour/economy/are-income-taxes-on-social-security-benefits-egregiously-unfair#:~:text=Whereas virtually all other provisions,and more of your benefits.

Next, I'd say it's fair to believe that about 20% of voters are very enthusiastic about Trump, and, maybe about 26% of voters are very enthusiastic about Kamala. That 6% difference (as I see it) will probably be the determining factor in why Kammy will win in November!

 

What you say is, mathematically, correct. But if you consider the rises in Social Security payouts, and an over-inflated economy since 2008, when the Fed started running the money 'printing presses' until they've nearly melted, tax relief for even middle-class, 'ordinary' retirees is very desirable!

The money that went into Social Security from all of us was already taxed -- so, WHY should it be taxed again?!

*** Question: Are the 'Crats going to have a response for what Trump has proposed? They'd better.... Baby Boomers VOTE! ***

 

Taxes do not and have not reduced the deficit. We had 8 years of Clinton(1992-2000), 8 years of Bush(2001-2008 ) 8 years of Obama(2008-2016). 4 years of Trump(2016-2020) and 4 years of Biden/Harris(2020-2024)

That’s 20 years of Democratic Rule, to 12 years of Republicans.

None of this also mentioned the dominance the Democrats enjoyed in the House for the last half century.

In the 2028 elections if I can run, I know exactly what my platform is: Democrats, what have you done lately?

No more people in cages, no more Muh racists. It’s time to earn the people’s trust

 

The House has the bill, what's the problem

I think Democrats would and Republican won't.

 

There are a lot of things that Congress need to make happen but the truth is they don't do a damn thing.

 

In 2017 GOP House and Trump cut taxes and hiked spending, and deficits accelerated immediately, and kept increasing every year. It was reckless fiscal policy.

And now they are talking about repeating the same mistake. No thanks.

Most people understand this is a handout designed to bring in retiree votes, just like Biden's attempt to 'forgive' student loans, was designed to bring in younger voters.

 

Horrible idea...
Blatantly obvious attempt to pander to.older voters...
Epic fail...