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| Economy |
| President Trump wants to end federal income taxes on Social Security |
| 2024-08-02 |
| [CNN] A few weeks after promising to eliminate taxes on tips, former President Donald Trump has unveiled a second proposal for targeted tax relief. The beneficiaries this time would be senior citizens, an influential voting bloc. "SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump posted Wednesday on Truth Social. While lifting the levy would benefit many older Americans for a little while, the proposal would harm the popular entitlement program, as well as Medicare and the federal budget, if Trump and Congress don’t come up with a way to replace the lost revenue, said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget. What’s more, many seniors could ultimately be hurt if Social Security and Medicare’s trust funds run dry sooner and benefits have to be cut." * Taxes on Social Secuirty was begun during the presidency of the onerous Bill Clinton. |
| Posted by:Besoeker |
| #4 Medicare is taken out of my social security separate from the tax. I don't see how this would affect medicare. Congress needs to stop raiding social security. |
| Posted by: Deacon Blues 2024-08-02 15:56 |
| #3 currently individuals with less than $25k of income don't have to pay any tax on SSecurity individuals with over $34k of income may have to pay taxes on up to 85% of SSecurity |
| Posted by: Lord Garth 2024-08-02 13:37 |
| #2 It should never have been taxed. This was an awakening moment for me in an environment where the only four letter words your couldn't say were Rush, Dole, and Bush. Of course I had a entry level, not for everyone job, and payroll taxes shock. 'So they take my money involuntarily, and x decades later (if I get it at all) they return my money and tax it.' |
| Posted by: swksvolFF 2024-08-02 12:22 |
| #1 Of course CNN bills it as a bad thing. |
| Posted by: Besoeker 2024-08-02 11:35 |