This is a very significant policy proposal. President Trump is supporting a position that Seniors should not pay taxes on Social Security income.
[SOURCE]
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.
The timing of this announcement coincides with President Trump visiting Chicago.
Brilliant, as ususal.
Would like to see more details on this. Anyone have more info?
Multiply the amount of your SS check by zero. That is the amount of taxes you will owe on said check.
LOL. Awesome.
Some people must have gone thru Common Core math! 🤦♀️🤣
Correct!! In essence it’s double taxation on the same income!
Thank you President Trump!!!
This.Is.Huge!!!
or maybe . . . YUGE !
Plus M.C., for all the years of this money being confiscated from us for S.S. and Medicare, zero interest was added to our account for any of it!!!
We always get the short end of the stick. Since Joe isn’t running we’ll probably get a crummy COLA increase…as if inflation is less than 2%. One lie after another – at our expense.
yeah, housing and food has doubled in 4 years but inflation is 4% my ass.
Not to mention gas, electricity, meds, etc. What hasn’t increased drastically?
The COLA increase with be taken by the medicare increase.
As always, but “their” inflation is far below what armstrongeconomics deems inflation to be and my pocketbook too!
And Medicare keeps cutting the amount they pay providers, while their rent, insurance, salary increases to keep up with inflation and retain employees continue to rise. How much longer will they accept Medicare patients? Many have already stopped taking Medicare.
Here in Florida there are many Medicare Advantage plans to chose from. It does depend on where you live thou.
They have to offer Medicare in Florida. That’s where the retires live!
Pickins are decidedly slim where I live for that very reason, even with Blue Cross Blue Shield as the secondary payer.
What is worse is in 1980, right as I graduated from college, fat Al Gore broke the Lock Box every talks about and combined SSI funds with general funds and left SSI IOUs.
Since CON-gress and especially SIN-ators spend about $1.66 for every $1.00 they take in, they’ve been off to the races ever since.
This followed of Jimmy Peanutbrain “Saving Social Security!”
That also took effect in 1980 and tripled the SSI withholding, and cut to about 33% the expected benefit for people starting with the mid-baby boomers (about 1954).
We also had our full retirement age set back.
What was interesting to watch was the big bump in payroll tax kept the US in recession even after PRWR took office and got a tax cut. That’s because the tax cut was spread over 3 years (25% total, 10,10,then 5).
It was only in the last year the 5% exceeded what was being pulled from our paychecks. When that 5% hit, the economy took off.
I want a refund!!!
Part of “Forgotten no more”.
Next up?
Inheritance tax.
The most odious, amoral tax in existence.
Starve the beast.
Would not hurt my feelings to see military retirement exempted as well.
Especially as the COLAs don’t keep up any better than they do for SS.
That’s the least we should do for our military. They deserve much more.
I completely agree with you, Maquis.
And to that point, the DEI Defense Secretary has just announced a whopping $20/month for the troops to help alleviate “economic hardship”.
Zelenskyy on the other hand gets billions/month.
Cry? Laugh?
They are beyond contempt.
and then blow it up with dynamite.
Exactly right! In my opinion, the income tax, the inheritance tax, the Social Security tax and taxes on tips are all amoral. If President Trump is successful in getting Congress to abolish all of them it would rate as the single biggest accomplishment by a president since Lincoln freed the slaves.
Tax his land, tax his wage.
Tax his bed in which he lays.
Tax his tractor, tax his mule.
Teach him taxes are the rule
Tax his car, tax his grass.
Tax the roads he must pass.
Tax his food, tax his drink.
Tax him if he tries to think.
Tax his sodas, tax his beers.
If he cries, tax his tears.
Tax his his bills, tax his gas.
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.
If he hollers, tax him more.
Tax him ’til he’s good and sore.
Tax his coffin, tax his grave.
Tax the sod in which he’s laid.
Put these words upon his tomb,
“Taxes drove me to my doom!”
And when he’s gone we won’t relax.
We’ll still be after the inheritance tax.
My FIL used to comment that if they could they would tax the air you breath.
Abracadabra and Shazam up come “green new deal”
which really is a tax on air.
A prophet he was, Monti.
Communism packaged in green wrapping with a pretty red bow.
Speaking of which, the new Labour government in Blighty has gone full Communist. Took them about two weeks to backtrack on all their “promises”.
Come the mid October budget, nobody will have a pot to….er….uh….cook in, the Chancellor has announced.
plus its just gettting give to the oligarchs.
That’s dead on Maine Coon.
When we earned income, we paid the IRS, we also had income withheld for SS, Medicare, etc. Eliminating that tax will have a long term beneficial impact.
Brilliant policy for us in the middle so that we are getting ahead, instead of being penalized.
Notice only PDJT proposes this, the usual Repub blabber mouths don’t propose things that help the middle class.
They also don’t do sh#$t to fix election cheating, as obviously they benefit from it.
IRS workers simply don’t pay taxes knowing they will NOT get audited. They owe the government many millions in tax.
Yes. Just saw an article that Joni Ernst (who is pure RINO otherwise but I guess knows a bandwagon when she sees one) is “demanding an audit” of them.
They probably received a Strongly Worded Letter™️.
I’ve actually said @ my local H&R Block, taxation without representation! They are stealing from us who paid in and already paid taxes on the money! Most people don’t see it but I certainly have 😡
💯!!
I sort of suspect that President Trump intends to eliminate the income tax, and finance our nation with a combination of Customs revenue and a national sales tax.
Eliminating the Federal Income tax is the ONLY way to cut Congress’s spending. Tie it to eliminating all Federal departments and functions not enumerated in the Constitution. Let the States tax, run and regulate themselves.
We also need a plan to pay off the Federal debt. The States could assume the debt and retire it in 30 years: which the Feds would NEVER do.
You have to stop Congress from their overspending. Republicans are just as responsible for the overspending as Democrats, especially on foreign aid.
On Biden’s schedule today was a meeting with the Ukrainian economic recovery representative. We cannot keep shoring up corrupt countries like Ukraine when they’re spending our money to shore up the pockets of their government officials & members of OUR OWN CONGRESS & the Biden crime family. Plus, Ukraine is still at war. What kind of economic recovery are you going to get when your buildings, infrastructure & people are being blown up daily?
And then there’s the whole how/why question about FJB’s competence. And does this set up retirement income for FJB from Ukraine?
Doesn’t Blackrock want to be the big rebuilder for Ukraine after they financed its destruction?
Yes, they are positioned to be that.
no you have to end the federal reserve.
Sell off all Federal Land, to Citizens only, and to be occupied by Citizens Only.
Apply ALL of it towards the National debt.
To Citizens only. Not to corporations. Corporations are not Citizens. Only ‘natural persons’ can be Citizens.
Make them have a balanced budget.
First, they have to pass a budget…. which they haven’t done in what, going on a second decade now?
The last federal budget to be passed by the appropriations process was signed into law in September 2007 for fiscal year 2008.
Never gonna’ happen, G.I. There are millions of people employed directly and indirectly by the IRS. Think about all the lawyers and accountants that live off of the tax system.
I thought he mentioned this in the last month.
Will see if I can pin down later.
Emet, he did propose elimination of the Income Tax:
https://www.cnbc.com/2024/06/13/trump-all-tariff-policy-to-replace-income-tax.html
The economy would E X P L O D E if he did that. Creation of jobs would be massive.
Indeed, the elimination of income taxes in their entirety replaced by a national sales tax of approx. 14% is part of NESARA.
Do not be surprised to see the formal announcement of NESARA once the fake Biden is removed from office.
I don’t like the idea of my savings, which has already been taxed, is going to get taxed again when I spend it. For those earning>spending after the income tax repeal, it’s a wash.
For the rest of us who have saved (our entire lives), it’s a huge hit to spending power.
Don’t hold your breath. The National Economic Stabilization and Recovery Act has been floating around as a proposal since the ’90s and it has never generated any strong support in the spendthrift Congress…. Heck, it’s never even been introduced in Congress.
Awesome.
As long as there is a national tax of any kind, after a four year Trump presidency, the Feds will raise it to any amount they want. A National sales tax is no answer as long as we keep sending anti-American politicians to Washington.
“Drain the swamp” is still the best way to reduce the burden of government on our backs.
Main benefit of that or even a flat single rate tax would be the elimination of the IRS.
That needs to go, along with Dept of Ed., dept of Energy, the EPA, FISA 701B courts.
Draining away tax revenues is the only way to drain the Swamp.
EXACTLY! Total BS that we have to pay taxes on money we already paid taxes on!
your overlords got greedy. they need more and more
I believe that SSI was not taxable until a certain Delaware Senator proposed it
You would be correct.
Clinton signed it into law.
Not exactly. 1984 under Reagan.
Before that, SSI benefits were not taxable.
I just came across that looking for some other tax info. You’re right, it was Reagan. https://www.ssa.gov/history/taxationofbenefits.html
Since a pair of 1938 Treasury Department Tax Rulings, and another in 1941, Social Security benefits have been explicitly excluded from federal income taxation. (A revision was issued in 1970, but it made no changes in the existing policy.) This changed for the first time with the passage of the 1983 Amendments to the Social Security Act. Beginning in 1984, a portion of Social Security benefits have been subject to federal income taxes.
wvvet does have a good point though about Clinton.
That’s why I said “not exactly.”
Clinton did make it much, much worse with revisions around 93, but the initial legislation was 1984.
Right. And passed in 1983 to take effect in 1984. Definitely Reagan. I did see the 1993 changes too.
True. But it was 25,000 single and 32,000 married which equates to $78000 and $103,000 today. The issue is the limits have not moved. If they had, the taxation burden would be significantly lower.
The issue is that is shouldn’t be taxed at all, regardless of limits.
That is one more reason why the government loves inflation. Tax collections go up because the dollar-value of ‘income’ goes up despite purchasing power being eroded.
Good policy for many Americans.
Keeping in mind the Dems want to tax unrealized gains.
Which SCOTUS muddied those waters, this year, with it’s decision in Moore vs United States. So, it looks like reality will becoming, soon.
If they allowed unrealized gains, then unrealized losses, should be realized for the taxpayer
well THAT is bs
That’s on investment income – unrealized capital gains.
How can one be taxed on an unrealized gain? The gain has not been banked yet – so does not exist in physical reality.
” – so does not exist in physical reality.”
And neither does 90% of the money supply. Usury is an abomination!
Good question.
It’s not yet, but Dems have been pushing it.
In other words, what they want is if the value of an asset rises 20%, they want to tax us on that 20% gain ‘on paper.’
Freaking ludicrous. If you don’t have the cash, you’d be forced to sell a portion of it or go take put a loan to pay the parasites.
The insanity of it all!
What happens when the gain is not only never realized, but actually reversed?
What happens when the Derps crash the value of your assets and you lose your shirt, do you get your taxes on your never existent gains refunded?
Of course, those taxes are liable to be the very cause of such a reversal of one’s fortunes . . .
If you play the lottery, you have an unrealized gain if and until you win. Should there be an unrealized gain tax on every lottery ticket sold, based upon the potential winnings that ticket may hold? It would quickly end the lottery and the money going to the state.
Taxing Unrealized Gains is insanity. They can’t even CALCULATE that sum, plus it is NOT income.
Unburdened by,
You know…
The thing…
That was…
Something about ‘bound by the chains of the Constitution’.
Trust God. Fear not.
Avarice is a sin, but Dems don’t believe in sin.
If people would just follow the actual tax laws and figure out if they engaged in any federally connected activities, events or privileges, then you might get back all your income, SS and Medicare.
The 16th amendment changed nothing in the tax laws. It’s still 100% constitutional.
Have an example besides tax free bonds?
Here’s the honor, scroll up an start there. Then read the book and understand completely the tax laws. Do Not copy what you see on the honor roll until you understand the act tax laws.
https://losthorizons.com/BulletinBoard.htm#Reminder
This is just an ad for a book.
no it’s not! Here’s kavanaugh opinion and keep in mind that excise taxes are synonymous with privilege taxes. You’ve got lots to learn.
Because income taxes are indirect taxes, they are permitted under Article I, §8 without apportionment. As this Court has said, Article I, §8’s grant of taxing power “is exhaustive,” meaning that it could “never” reasonably be “questioned from the” Founding that it included the power “to lay and collect income taxes.” Brushaber, 240 U. S., at 12-13. In 1861, Congress enacted the Nation’s first unapportioned income tax. 12 Stat. 309. The Civil War income tax was recognized as an indirect tax “under the head of excises, duties and imposts.” Brushaber, 240 U. S., at 15; see also Springer v. United States, 102 U. S. 586, 598, 602 (1881).
In 1895, however, in Pollock v. Farmers’ Loan & Trust Co., this Court held that a tax on income from property equated to a tax on the property itself, and thus was a direct tax that had to be apportioned among the States. 158 U. S. 601, 627-628. The Pollock decision sparked significant confusion and controversy throughout the United States.
Congress and the States responded to Pollock by approving a new constitutional amendment. Ratified in 1913, the Sixteenth Amendment rejected Pollock‘s conflation of (i) income from property and (ii) the property itself. The Amendment provides: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” U. S. Const., Amdt. 16 (emphasis added).
Therefore, the Sixteenth Amendment expressly confirmed what had been the understanding of the Constitution before Pollock: Taxes on income–including taxes on income from property–are indirect taxes that need not be apportioned. Brushaber, 240 U. S., at 15, 18. Meanwhile, property taxes remain direct taxes that must be apportioned. See Helvering v. Independent Life Ins. Co., 292 U. S. 371, 378-379 (1934).
https://caselaw.findlaw.com/court/us-supreme-court/22-800.html
When is a tax not a tax?
When the Deep State says it’s not.
See ObamaScare for another example…
Here’s the digital format, the actual book came out in 2003 and still exists. Now it’s digital. Lots to learn
If you doubt what I say, read the most recent SCOTUS decision in Moore v. United States (2024). Kavanaugh gave the opinion and he clearly shows that the 16th amendment did not change the tax laws from the founding of our Constitution.
https://www.losthorizons.com/CtC/FrontMatter.htm
Organize your self as a Trust and dont work as a W2 or 1099 contractor, work only B2B.
There were no income tax laws until the 16th Amendment.
Bulls**t!
YAY!!!!!!!!!!!!!!!!!!!!!!!!!
I’m reading this would affect around 40% of Social Security recipients, and those 40% tend to be higher income folks who have significant post-retirement investment income other than SS. Cost to the government would be about $150 billion per year.
I’m all for lowering taxes and primarily dealing with our $35 TRILLION DEBT via growth, but I’d need evidence that this $150 billion back in wealthier SS recipient’s pickets would lead to over $150 billion in growth.
i like the no tax on tips far better.
I like both. Try living on fixed income and your attitude will change.
You are probably not paying taxes on your SSA income now.
Exactly. This would be a tax cut for the SS recipients who don’t depend on SS. Those who do depend on SS aren’t likely paying tax on it already.
Tax mentality has got to go! ALL money earned is ours. Sadly, we see precious return or results of what we are taxed.
Dems believe in “investing” with our money, plus what they print, which is now causing inflation, and call them goob’mint programs for which we should be so grateful to Uncle Sugar! Sheer madness.
My attitude will only change if I’m wrong about the bottom 60% of SS recipients (those who depend on that fixed income) already not being taxed. That is possible.
.
They would still pay taxes on their other income.
.
Of course. I think it’s conservative to pay our debt. If I see evidence this tax cut would lead to growth used to pay down that debt above the $150 billion in reduced tax revenues from the richest of our SS beneficiaries (such as myself) I’m all for it.
It would affect 💯 % of SSI retirement recipients.
And the majority of recipients are not wealthy, but barely getting by.
The money kept would be spent increasing economic growth.
The debt can be whittled away thru tariffs as was working before Trump left office, this time on every country and their products, which creates more economic growth by creating jobs in those industries we are now dependent on from foreign countries.
No it wouldn’t. 100% of SS recipients DON’T pay taxes on SS. My understanding is only about the wealthiest 40% do. If I find this to be untrue, I’ll change my mind. We do have $35 trillion in debt to pay off. I want to use every common sense method to do this, and IMO economic growth is the best way. But $150 billion a year from the 40% wealthiest recipients helps. I also believe in massive cuts to our federal government, in size and in their regulations, by the way.
Under Trump’s plan, no one would pay income taxes on SS!!!!
“Would” is not currently.
And the debt relief and economic growth was covered in my last 2 paragraphs, which had a track record of working under Trump previously.
Concerns alleviated.
Read the IRS tax rules on SS. For a single person there is no federal tax on social security if their other income plus 50% of their SS benefits are less than $25,000. If their income(including 50% of SS payments) is between $25-34K then 50% of SS is taxed. Over $34K then 86% of SS is subject to federal tax.
Are you suggesting that 60% of SS recipients have incomes less than $25K when combining other income with 50% of their SS income?
Very progressive opinion. I’m one of those “wealthier SS recipients”, I guess.
I did contribute hard earned money to an IRA/40K to have an extra money and an emergency buffer in retirement. I built a house with my own hands to be mortgage free.
Now I have to withdraw from the IRA to cover unheard of inflation, rising property taxes, insurance and state income taxes .
So, then I have to take more out of the IRA to pay my increased state/fed taxes which went up because last year’s IRA withdrawal bumped my reported “income”..
I’m just maintaining the same basic standard of living, but the IRA withdrawals to cover inflation and taxes hike-up my reported “income”.
After a few cycles of this we still have less and less money at the end of the month but now I’m a “wealthy” SS recipient so guess what is next – paying even more taxes on SS income. Then guess what, I will have take even more out of the IRA. RINSE. REPEAT
The bastards will soon have all of my IRA!
Trumps’ got this right.
I agree that the “wealthy” have just as much right to collect the SSI they’ve paid into for all of their working lives. Nobody should be taxed on that portion of their income.
The people who complain loudest that the wealthy don’t “need” it are the same ones who would fill up our houses with the homeless if we have extra rooms to spare. It’s called communism.
I am one of them as well, and far from progressive. I just believe it’s conservative to pay down our debt, instead of leaving it to my kids and grandkids.
That is the same boat I’m in.
The b*stards will soon have all of my IRA! … sDee
SS has limited payout parameters – so the actual ceiling is really insignificant to the government on tax revenue generated from SS. But the small amount of tax on SS does hurt people significantly.
It is when SS is combined with other income when it is really taxed. Good to keep SS out of tax brackets completely.
this would affect around 40% of Social Security recipients, and those 40% tend to be higher income folks who have significant post-retirement investment income other than SS
Do you have a source for your claim? My real world observations differ.
Here’s some info, I’m not necessarily vouching for its accuracy but it’s a start. https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security
Fact #7: Social Security is the biggest source of retirement income for most retirees.
Social Security is the largest source of income for most beneficiaries. For 4 in 10 retirees in 2015, it provided at least 50 percent of their income, and for 1 in 7 it provided at least 90 percent of income, according to Social Security Administration (SSA) research that combines survey and administrative data.
Most retirees have modest incomes. Most low-income older Americans have very little pension income, if any, according to the Census Bureau. Among retiree households in the bottom third of the income distribution, most received no pension income. About 1 in 6 of seniors’ households lived on less than $20,000 in 2015, and about half lived on $50,000 or less, according to the SSA study.
Now I’m revisiting the original claim, this would affect around 40% of Social Security recipients. So MostlyRight, you can tell me (if you see this message) if you are saying that 60% of recipients aren’t paying income tax because they have such low income so they are unaffected by Trump’s proposal. I think a person who made $20k in 2015 wouldn’t be paying income tax.
This is what I read. 60% of SS recipients, primarily those who receive only SS income, receive too little income to be taxed. If this information is wrong, I’ll change my mind. I am in the 40% who also have significant additional retirement income (401k, IRA’s, investment property income) and therefore would pay taxes on SS income. I DON’T like paying taxes, but I can afford to better than most, and want to pay down our $35 Trillion in debt. I think that’s a conservative position.
Thanks for coming back around to this to reply to my comment. I can’t delete or edit my comments any more, but you have caused me to think more. If it doesn’t help the people who are hurting the most, then I’m not sure I’m fully on board with it.
I am not very wealthy and I get taxed on my SSI, so what you are saying is completely false.
Are you in the bottom 60% of SS recipients?
Why not no tax on both? And who cares how much money someone has? It’s their money.
Just spitballing here, but I figure you could get rid of 60% or more of the Federal government tomorrow, and no one would know the difference. Notice that when a Winter storm hits DC, 90% of the people there wind up being labeled as ‘nonessential’ and are told to stay home. No one can tell the difference.
It’s our money that is sent to DC where it is wasted by grift, cronyism, and featherbedding in the bureaucracies.
The Founders knew right up front that a powerful centralized government is no bueno and they designed our Republic to minimize that risk. The Federal government, as envisioned by our Founders, was to be small and did not need much in the way of funding. For well over 100 years, tariffs on certain goods were sufficient to fund the Federal government.
Anywhere we can cut taxes to starve the beast, we should. The bureaucrats and paper shufflers are a parasitic drag on the economy. We should do them and the taxpayer a favor and free them up to pursue wealth-generating activities.
I disagree with your opinion/suggestion, MostlyRight, and I believe that beyond a certain, very low threshold, the Federal government is just a waste of our money.
Local taxes first. A little for your State. And then a smidge, if that, to fund a federal government.
And Federal government workers still have not returned to the office full time since Covid.
I believe every penny of our money the government proposes to spend should be approved by a flat out majority of us first.
I am far from wealthy. Due to a paltry SS increase from COLA I was bumped up into higher tax bracket.I ended up paying more in taxes than my COLA increase was. This on already having my SS taxed as income when earned. You must be young and nieieve….
We need to have “ a Boston Tea Party”. To much tax on tax. Hell, I pay state and federal tax and I have to pay tax on gasoline. Sales tax, property tax on and on. TAX ON TAX!!!
I am in the top 5% of earners and nearing retirement, with three grown successful kids, an accomplished wife who manages the largest hospital in our large city and has authored several textbooks, and I’ve owned and run three successful businesses, two of which I still own and run. I am one who would benefit from the no tax on SS.
The information I am reading suggests the bottom 60% of SS earners pay no tax on SS already due to current tax law.
People are calling me a Progressive for saying I believe Trump’s plan to deal with our massive debt problem is through growth, but for also showing concern about our massive debt and feeling it is important we pay it down. Is paying our debt now a Progressive ideology?
The young and naive ignore debt at their own peril.
I don’t want to pay down our debt.
I want Chy-na and the NATO countries who have soaked us for so long to pay down our debt with soaring tariffs.
I also want Chy-na to pay reparations to the entire world for the Wuhan Flu.
I guess I want a lot of things I’m not gonna get!
But my bottom line is – I’ve kind of stopped thinking of it as “our” debt because We the People had no hand in spending it in the first place.
If the floor limit was indexed with inflation each year, it would be much more reasonable.
It was 25,000 single and 32,000 married (and still is!) which equates to $78000 and $103,000 today. The issue is the limits have not moved. If they had, the taxation burden would be significantly lower.
Dang! Why did nobody else think of this?
Tax cuts to the uniparty is like showing the cross to Dracula.
Cutting taxes redirects money into the real economy. A traditional GOP position but now, when they get elected the taxcuts go to Koch Krowd who pocket most of it.
Trumps tax cuts (tips and SS income) will flow immediately to fuel the real economy because both groups are hardest hit with devastating inflation, property taxes, housing, utilities, and insurance. We have to spend the extra money!
Perzactly
Property tax hikes based on fake home value numbers.
Exactly. ‘Their’ definition of current market value.
They think we’re stupid! Hedge funds and corporations buying up property and withholding it from the market to cause shortages, and thereby driving prices up. When those buyers realize they bought a $500,000 home for a $million, they will not be happy, and many are already under water.
It’s all going to come crashing down.
If you want a glimpse of the massive deflation coming in real estate values, particularly commercial, go see ZH article from yesterday “Absolutely Stunning” about the massive foreclosures and devastating devaluations occurring all over the country on commercial real estate, which appears to make 08-09 look like a Sunday picknick.
Some of these properties tanking 50-70% with notes owed higher than the value. Widespread and accelerating.
If it continues, bank failures will explode and stock market will collapse.
Get ready and be prepared as best as you can.
I saw today foreclosures are up 41% in Florida!
And the crowd shouted:
TRUMP! TRUMP! TRUMP!TRUMP!TRUMP!TRUMP! TRUMP! TRUMP! TRUMP!TRUMP!
USA!USA!USA!USA!USA!USA! USA!USA!USA!USA!USA!USA!USA! USA!USA!USA!
ALL THE WAY! ALL THE WAY! ALL THE WAY! ALL THE WAY!ALL THE WAY!
TO THE WHITE HOUSE!TO THE WHITE HOUSE!TO THE WHITE HOUSE!
Tariffs. Just like before 1913.
Next step, abolish the rapacious federal income tax altogether.
1913 opened the floodgates to engorge the size of government. The beast would begin to wither as its agencies were starved of financial support. The government limited to only tariffs and we need to end the banksters power over government by ending the federal reserve.
https://mundane-astrology-notes.blogspot.com/2024/02/genesis-of-federal-reserve.html
When I was a yung’un many many years ago, I got on the CSPAN phoneline when Robert Bork was on, and told him the 1913 income tax adoption was unconstitutional.
Shoulda seen his face. He looked a bit like Karl Rove did when informed that they missed the shot on PDJT.
Then like a second grader he exclaimed “No it’s not!” – with no explanation.
I’m disappointed…said no one.
Excellent policy proposal.
Great plan, Mr. President. American seniors will either spend it or save it. Either way, taxes on spent money or taxes on earned interest benefits the economy.
Wow! He’s got my vote! Oh yeah, he already did.
But he is right, the government already screwed us with the return on investment on our social security tax contributions. We would have been much better off taking that money and investing it on our own. Least they can do is partially make up it up by making social security non-taxable.
Pandering. But very smart pandering.
He always keeps his promises.
I always said “I wish they would take what I save and let me have the tax they charge”.
It’s not pandering at all, it is the elimination of one plank of the economic slavery platform that has been foisted upon the working middle class.
How is that pandering?
I don’t think you would consider it pandering if you were retired and living primarily off of social security income and finding it difficult to stay afloat.
When I see older workers in low-paying jobs, like fast-food workers or Walmart greeters, I’m pretty sure they’re doing it because they are struggling financially. I’m sure any $$ help would be much appreciated.
Doing the right thing is not “pandering”.
Definition: Pandering noun. the act of catering to or profiting from the weaknesses, vices, or unreasonable desires of others:
It’s never pandering when simply giving people back their own money that would have been stolen from them otherwise.
Pandering is giving other people our money.
We, the American geezer class, have Bubba to thank for taxing our SS “benefits,
Double taxation, Soc. Sec. is paid to you from a tax you already paid. Also it should not be called an entitlement, it’s not welfare or some transfer payment that was unearned or unpaid for. I collect Soc Sec and do some self-employed contract work. I pay Fed tax on the Soc Sec I collect plus Soc Sec tax on what I earn (15+%) plus Fed tax on the earnings. I’m being tripled tax. It’s one of many things that tick me off.
And the government still has a 35 trillion debt excluding Soc Sec they have to pay from a ‘trust’ fund they already blew elsewhere.
If your side hustle brings in more that they think you should make, they start deducting your Soc Sec amount plus charge more for medicare.
Nice system…
We reportedly have a labor shortage and the tax system discourages or punishes older workers for participating in the workforce.
Have a friend that works at HD, she said they have 50 openings, no one under mid 50’s to mid 60’s applies.
The governments’ justification for the social security tax, is the investment “Gain” of the Trust fund. Which is then passed thru to the social security taxpayer, upon withdrawal. If the government taxed social security as a capital gain, you would pay more than it being taxed as income, and it would be seen as the ponzi scheme it is.
Besides that, the government has zero remorse in double taxing, by the means of inheritance tax. There is an old tax poem out there, on just this subject. It’s very witty and true, and worth looking up.
This is why I planted my retirement funds. I rarely buy any food.
I would urge anyone to plant fruit and nut trees, and grow their own vegetables. Almond trees are very valuable, because you can store the nuts to make almond milk.
We grew our own veggies for over 35 years
One year we came back from the grist mill after taking our dried cleaned corn with 400 lbs of corn meal … One freezer dedicated to it ate on it for 10 years. Made the best cornbread, fried fish, and grits.
Yum.
It is a healthy lifestyle.
Oh, now that sounds wonderful!
I canned up 2 years worth of blackberry preserves a few weeks ago and about to do the same with plums and figs. I have two wonderful neighbors who hunt and fish. two pints of fig preserves will get me 4 nice Snook fillets in return, and my spoiled apples to his pigs gets me my favorite pork belly.
I wish youngsters would stop killing themselves to keep up with the Jones’s, and just keep up with themselves. Its a glorious life to be debt free.
I love the proposal but can a bill be written and passed? Essentially the political class are losing $150 billion dollars they could spend on their preferred causes. It may be a tough sell but a good item to run on.
The American people should be a preferred cause.
If the Democrats have the majorities in the House and Senate then it’s a for-sure ‘no’. They will not allow Trump to have any successes even if it damages their own party.
And I don’t think this is a politically motivated proposal for the allure of votes.
IMHO, President Trump understands what most of us believe, that THE BEAST of the federal government MUST be starved financially, in order to diminish its maniacal power and control obsession and, RETURN AUTHORITY TO WE THE PEOPLE.
I suppose the question is…..
Do we have the huevos to fight with him to make it happen?
Woooo Hoooo!
Just in time for retirement.
Bravo, President Trump!
Left, right, uppercut!
This will be the best thing…no way a senior you pay tax on SS if they have to work and make more then 22,000..
completely insane – I hope this abolishes state taxes as well
Very nice…
Yeah buddy,
Millions more votes right there.
Proactive! Dims always try to scare seasoned citizens with the GOP will cut social security or raise the age requirements.
Now do military retirements Mr President!
Kamala has promised gun seizures on day 1 if she wins LMAO I wonder when people will realize that Kamala’s hubby is the same person who aligned all the celebrity garbage behind Clinton?
Doug Emhoff is a Hollywood attorney after all.
That should put a dent in the Kami circus…now eliminate taxes for wounded veterans…all of them.
People that earned money and paid taxes, lots of taxes. Get to keep what they earned. The harassment of middle class workers that earn tips will end.
Democrats forgive debts of students that help fund the Progressive/Socialist Education System and make middle class pay for it.
Well, that works for me.
I’ll vote for him two times.
Maybe three times.
I have paid thousands of dollars in taxes and into social security. I am now retired and scream each and every time I write my check to pay taxes to the IRS on money that I have already been taxed on. Thank you President Trump.
I only get 75% of social security because I took it at 62 instead of waiting until 66. I needed a guaranteed income (my money anyway.) Illegals get more than me and haven’t paid a dime into the system which is another reason it is going broke at light speed. Time we confiscate all the money from the dems and rinos who are allowing these criminals to get any freebies. Arrest them while we are at it.
Yes, but you also received your reduced amount, of social security, for the 4 years because you took it at 62 instead of 66. Which is likely 50 to 75 grand in your hand. If you would have waited till the later age, you would likely need to be 80 years old, to get the money you got by taking in at age 62.
Everyone forgets this fact. Plus, the government wins, when a person dies. So, you run the risk of never getting the amount that you took at age 62, instead of 66, for those four years.
It’s your money, spend it while you are young.
I think you’re not understanding deadleo’s problem. He said he needed the income. He couldn’t wait.
Nor did he address the inequity of illegals who have never paid a dime getting more than he is and not even being retirement age.
I get so angry when I think about that. It’s even worse than all of the scammers who fake disabilities or live on welfare when they could easily work.
This is excellent!
He has always said he could quickly fix this disastrous economy quickly.
I’m making a yard-poster for this Today! Making sure EVERY assisted living and nursing home in my area has it in their dining rooms too! No tax on SS and no tax on Tips garners a LOT of votes!
I was surprised to find out my blue state actually does not state-tax social security income. That would be great if it wasn’t federal-taxed either. Hopefully retired and close-to-retired voters are paying attention. They should also be paying attention that Biden said he was going to let the Trump tax cuts expire and no doubt Kamala will do the same.
I believe that Joe Biden was the deciding vote for tax of SS.
Good idea.
BTW all of the people saying SS is the big fiscal issue, Ticker Guy says that is not so, it’s CMS.
We should still quit giving SS to foreigners, though.
Other BIG hits are disability and survivor benefits.
Have distant family that have been getting disability for years, all used same lawyer.
Have an aunt that has lived on survivor benefits for ever from an ex husband, his second wife also got benefits until she died, neither one every paid in a dime.
Know another woman that’s been getting around 2K per month from her ex husband’s account, as long as she never remarries. Been getting it for a few years now, just turned 62, and has plenty of reserve $$.
She wouldn’t get diddly from her past earnings.
Not saying that people don’t deserve these benefits, it just there are cases that are not being used as intended.
Hee Hee Hee.. our very stable genius is at it again.
This is good.
It has always been a mystery to me why ANY Social Security benefits would be taxed. It never made sense, especially since even MAXIMUM SS benefits are still very modest.
This would make a huge difference – HUGE difference – to seniors. HUGE.
I have always thought that it was ridiculous for the government to pay out social security to seniors and then to take some of it back. The more one has invested throughout life to provide for later years, the more taxes on social security the government takes back.
There are some links within this article, including a link to the full Greenspan Commission report which I intend to read. https://www.ssa.gov/history/InternetMyths2.html
The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.
The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer’s total income exceeded certain thresholds.
The taxation of benefits was a proposal which came from the Greenspan Commission appointed by President Reagan and chaired by Alan Greenspan (who went on to later become the Chairman of the Federal Reserve).
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In 1993, legislation was enacted which had the effect of increasing the tax put in place under the 1983 law. It raised from 50% to 85% the portion of Social Security benefits subject to taxation; but the increased percentage only applied to “higher income” beneficiaries. Beneficiaries of modest incomes might still be subject to the 50% rate, or to no taxation at all, depending on their overall taxable income.
This change in the tax rate was one provision in a massive Omnibus Budget Reconciliation Act (OBRA) passed that year. The OBRA 1993 legislation was deadlocked in the Senate on a tie vote of 50-50 and Vice President Al Gore cast the deciding vote in favor of passage. President Clinton signed the bill into law on August 10, 1993.
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If I run out of money I am forced to cut back on my spending. Why is this concept so foreign to our politicians? How much money did they waste “studying” how they could turn the screws more on working and retired people?
Greenspan Commission impetus: Same old same old “we’re going to run out of money by <arbitrary date>”. Eerily similar to the global warming predictions.
Estimates were that the Old-Age and Survivors Insurance Trust Fund would run out of money possibly as early as August 1983. This bipartisan Commission was to make recommendations to Congress on how to solve the problems facing Social Security. Their report, issued in January 1983, became the basis for the 1983 Social Security Amendments which resolved the short-term financing problem and made many other significant changes in Social Security law.
Running out of money. Don’t reduce spending, increase taxes! If only I could do this with my personal budget.
A national sales tax will hurt us little people. It will be like a frog in a pot of water
What if you could trade an income tax for a sales tax of, let’s say, 5% ? I would take the sales tax, for sure.
Make that 1/2% in your proposal and I would consider boarding that train. Consider, mind you.
We have too much unnecessary spending and graft at all levels of government. Perhaps the Feds could go back to working with what they rake in off of tariffs.
If we started making stuff in American again, there would only be tariffs on fun stuff that is too niche to make here.
I am in this boat since I am a PE Eng with significant income and am over full retirement age and collect full SSI.
There is no Fed tax on SSI unless you also have W2 income.
If you have W2 income you pay fed tax on 85% of your SSI. It used to be 50% but was raised by legislation.
It was zero but was taxed at 50% for people that work past retirement.
That legislation was sponsored by Sen. Joe Biden. The jump from 50% to 85% was also sponsored by FJB.
This would set things back to as they were.
I think one thing PDJT could do to get our finances and debt under control would be a policy to ONLY consider spending and budget bills that created by Constitutional Order, that is, only if it Originates in the House.
Tell them he will not consider any bill concerning finances, funding, or money. originated in the Senate.
If we cant repeal the 17th Amendment, that would help put the 100 little tin pot despots back in their place.
Up to 85% of social security payments is taxed if you get annuities, pensions, investment income, or capital gains of a certain amount, figured on the social security estimate forms. It’s not just W2 income.
Well bless his heart!
Personally, I don’t favor tax reductions until the excessive government spending is addressed. Less tax revenue only exacerbates the debt problem. But as targeted benefits to eligible low and middle income earners, the ideas are good. Trump and Vance’s re-industrialization polices are the keys to improving the economic health of America’s workers.
the paul ryan crowd will have to unbunch their panties over this.
Your adjusted gross income includes the taxes you pay to Social Security. Your Federal income tax is based on that AGI number. Then your Social Security benefits are taxed when received as regular income. In effect, both your Social Security contribution and your Social Security benefits are taxed, i.e. twice.
and freeze property taxes at age 65
That would be a pipe dream, but in a negotiations process, it would be great to eliminate the school tax on people over 65.
Trump’s biggest hurdle with this social security tax elimination, is getting the media to talk about it. Look at how much media airtime his NO TAX ON TIPS, gets talked about in the media, since it was proposed…..ZERO, airtime, not even a peep about it.
Wouldn’t that have to be done
by each State?
Property tax is determined by States,
not the Federal Government.