Darn those pesky facts.

[mudwhistle]

Trump’s plan to eliminate income taxes on Social Security benefits would help high-income households, report finds​

On the campaign trail, President Donald Trump touted a plan to eliminate income taxes on Social Security benefits.

Now that he’s in the White House, Trump administration officials told CNBC.com last week that the president “doubles down” on that promise.


A bill to eliminate those levies — the Senior Citizens Tax Elimination Act — was recently reintroduced in the House.

Yet, nixing taxes on Social Security benefits may reduce U.S. government revenues by $1.5 trillion over 10 years and increase the federal debt by 7% by 2054, according to a new analysis by the Penn Wharton Budget Model, a nonpartisan, research-based project at the University of Pennsylvania.

For some high-income households, the policy change may result in gains of up to $100,000 over their lifetimes, the research also found. Yet, individuals under age 30 — and particularly people who have not yet been born — may face the largest losses as the federal debt increases and incentives to work and save for retirement decline, it found.

https://www.cnbc.com/2025/02/18/trump-plan-to-end-taxes-on-social-security-benefits-would-help-high-earners.html

Good to know the rich will better be able to afford the high price of eggs trump said he would lower on day one.

As long as we cut all of the fraud and wasteful spending, I don't see a problem.

Make sure you don't vote for Democrats.....or Lindsey Graham.

 

[toobfreak]

I don't make that much,

Oh come on now, don't be modest, we know you have millions stuffed into the pillow of yours.

 

[my2¢]

15% of our Social Security is already exempt from taxes and since the wife and I are both over 65 our Standard Deduction is $33,200 for 2025. So, eliminating the Social Security tax complete would provide us with over $100,000 of tax-free income and cut our taxes considerably.

If the government is wanting to increase its red ink even further, I'd prefer they spread out the benefit by upping everyone's Standard Deduction a bit instead of a huge windfall for us old farts.

 

[Orangecat]

Like when Trump companies got caught ???
We go after Trump and his wealthy cronies and we'd save lots $$$

If they got caught, we already did go after them, dumbass.

 

[Winco]

Oh come on now, don't be modest, we know you have millions stuffed into the pillow of yours.

What I have is 'a lot'
sorry dude.

But I still make under 170K per year.

Nothing in your 'pillow' fantasy.
All hard earned investments, for 40+ years, and a nice pension and SS in the future.

Right now, I'm still working PT, and collecting my Pension per Month.

Go back to your pity hole.

 

[toobfreak]

What I have is 'a lot'

I bet she tells you that every night just to shut you up.

But I still make under 170K per year.

Don't cry to me about it, chump.

 

[Winco]

I bet she tells you that every night just to shut you up.


Don't cry to me about it, chump.

Honesty eludes you.

 

[ThisIsMe]

Where was that EVER suggested?

You really didn't clarify, so I just assumed that's what you meant.

The numbers don't really make a difference though.

We pay 6.2% into SS. If you make up to 170K, that's $10,500 per year, if you pay SS up to 500K per year, that's $31000. So the amount gained is $20,500.

I don't can't find an exact number but one website says "well more than a million people in the US make more than 500K each year", so I just estimate about 1.5 million people.

so, if you take that 1.5M people x $20500, you get an increase of about 31B more income.

SS trust fund is at about a 200B deficit right now, so you'd need to tax the wealthy on income up to about 2.1M to be able to reach that 200B defecit...however, that number isn't accurate because, while there are more than million people who make over 500K each year, that number drops substantially as the income goes up. Only .1% of people make over 1 million per year. That number is probably going to be less than 100,000. So to fix SS deficit, you'll need to tax those in the 500K and under bracket a whole lot more to solve the problem.


How about this, we can tax the ultra wealthy more in SS, and in return, they can write off the excess from the federal taxes each year Basically just take the extra money off one end and stick it on the other. I just don't think forcing people to pay in a lot extra for nothing in return is very fair.

 

[Winco]

How about this, we can tax the ultra wealthy more in SS, and in return, they can write off the excess from the federal taxes each year Basically just take the extra money off one end and stick it on the other. I just don't think forcing people to pay in a lot extra for nothing in return is very fair.

Ok, so IYO, the extra money, from the earners over 170K but less than 500K, would have little effect?

I'm just asking.
I think it would make a difference to the SS fund, which you may hate, but would make ZERO difference to the lifestyle of the rich. They will STILL be rich, minus a few dollars.

Why is this so hard to understand?

 

[Winco]

Oh come on now, don't be modest, we know you have millions stuffed into the pillow of yours.

I'll be honest if you'll be honest.


Oh....you vote (R).......nevermind.....you are incapable of being honest.

But i'll ask again just for reference and hopeful honesty.

What is your net worth?
What is my net worth?

I'm good, and you could be 10X larger.....great.
I'm good.

 

[ThisIsMe]

Ok, so IYO, the extra money, from the earners over 170K but less than 500K, would have little effect?

I'm just asking.
I think it would make a difference to the SS fund, which you may hate, but would make ZERO difference to the lifestyle of the rich. They will STILL be rich, minus a few dollars.

Why is this so hard to understand?

It's not hard to understand, and I want to make sure the fund stays fully....funded..but we'll just have to find another way. You can't just ask rich people to give their money away and expect nothing in return.


Also, my numbers are probably off. It would be hard to figure that out without the stats. You'd need to find how many people in each income bracket between 176K and 1M to really get an idea of the amount of taxes required.

 

[OKTexas]

You do you thank the wealthy when you get -- uhm, serviced by them, get scraps ff the table? Trump and the GOP have long played the middle against itself and the lower income brackets. It's keeps people from uniting.

Why so envious there dainty boy? No wealthy person ever got anything from me I wasn't willing to give. We are both above the SS full retirement age and are still taxed on SS every year. Our taxable income, other than SS is about 31K, don't know about you, but I don't consider that wealthy.

.

 

[Winco]

It's not hard to understand, and I want to make sure the fund stays fully....funded..but we'll just have to find another way. You can't just ask rich people to give their money away and expect nothing in return.


Also, my numbers are probably off. It would be hard to figure that out without the stats. You'd need to find how many people in each income bracket between 176K and 1M to really get an idea of the amount of taxes required.

Ok, this is a reasonable response.
I appreciate it.

Q: Would have earners of over 176K, paying into the ss system, to a number like 500K, help solve the SS problem? We can discuss the extent...... but would this help solve the 2034 SS Problem, If earners beyond 170K continued to contribute, up to 500K, regardless of fairness?

 

[Billiejeens]

Projecting Again.
I can't have a belief that the rich should pay more without you calling me a failure?

I'm not failing sweetie, I just think the rich, with this massive wealth gap, should help decrease this massive wealth gap by paying their fair share.

Why do you want to protect the wealthy and give them EVEN MORE tax breaks?

The rich
Literally pay all the taxes.

Anything real world?

 

[OKTexas]

There is also no need to CAP the SS at $176,100.

Those making over $176,100 should continue to pay into the system.
View attachment 1080680

Perhaps SS should stop paying people they know aren't entitled, like the 10s of thousands of dead people and one SS records shows is 360 years old, if that doesn't sound fishy to you, nothing will. Think of the 100s of billions that could be saved.

.

 

[Winco]

The rich
Literally pay all the taxes.

Anything real world?

And that is NOT you.

 

[Winco]

Perhaps SS should stop paying people they know aren't entitled, like the 10s of thousands of dead people and one SS records shows is 360 years old, if that doesn't sound fishy to you, nothing will. Think of the 100s of billions that could be saved.

.

And I agree 100%

 

[Winco]

The rich
Literally pay all the taxes.

Anything real world?

Nope, but most.....and they try to get out of paying taxes.

Sorry, that ^^ is the truth.

Try to discuss Wealth Inequality.
Do you even care?

I do.

 

[OKTexas]

And I agree 100%

The savings would more than offset what the elimination of the tax would cost.

.

 

[Winco]

The savings would more than offset what the elimination of the tax would cost.

.

Floor is yours.

Please explain with actual DATA/FACTS