Social Security Would Become Bankrupt Sooner Under Trump’s Plans, Report Finds

[Concerned American]

Taxes on social security go to the social security trust fund. Tips are subject to FICA tax.

You are wrong.

SS is not taxed moron.

 

[Lesh]

Ooh a "report". And Forbes "reports" are always right especially when they are politically motivated. PFFFFFFFFFT

Forbes is a conservative org

 

[Lesh]

SS is not taxed moron.

It most certainly is

 

[westwall]

Socialist Insecurity is bankrupt right now....All the loot in the fake "trust fund" has already been pissed away.

Yup. The account is filled with IOU's

 

[westwall]

Forbes is a conservative org

No, Forbes is political class.

 

[Marener]

SS is not taxed moron.

If SS isn’t taxed then why is Trump talking about stopping taxes on SS?

Donald Trump calls for elimination of tax on Social Security

“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” the 45th president straightforwardly wrote on Truth Social.

nypost.com

I swear, MAGA is full of morons who think they’re smarter than everyone else.

 

[Rambunctious]

It could also be worse. Trump will find a way.

The fund is non existent... gone and filled with IOU's from legislators who refuse to slow spending or presidents spending with unconstitutional executive orders...
Trump will stop the war on fossil fuels and we will start getting rich with oil and gas sales abroad.... people will get great jobs from it and our lives will improve....
What's Kamala's plan? besides more of the same... they get rich the rest of us forgotten until election time....

 

[Concerned American]

If SS isn’t taxed then why is Trump talking about stopping taxes on SS?

Donald Trump calls for elimination of tax on Social Security

“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” the 45th president straightforwardly wrote on Truth Social.

nypost.com

I swear, MAGA is full of morons who think they’re smarter than everyone else.

Some people believe everything. Look in the mirror. BTW, how long have you been collecting SS? I'm in my tenth year---still not paying taxes on my SS.

 

[Marener]

The fund is non existent... gone and filled with IOU's from legislators who refuse to slow spending or presidents spending with unconstitutional executive orders...
Trump will stop the war on fossil fuels and we will start getting rich with oil and gas sales abroad.... people will get great jobs from it and our lives will improve....
What's Kamala's plan? besides more of the same... they get rich the rest of us forgotten until election time....

You don’t get it. When the trust fund is drained, social security benefits automatically go down by about 20%.

Is that what you geniuses want?

 

[Marener]

Some people believe everything. Look in the mirror. BTW, how long have you been collecting SS? I'm in my tenth year---still not paying taxes on my SS.

I don’t collect social security. If you don’t pay taxes, that’s because you don’t earn enough (or you’re committing tax evasion). About half of people who get social security pay taxes on their benefits.

This started way back in 1983.

 

[Rambunctious]

You don’t get it. When the trust fund is drained, social security benefits automatically go down by about 20%.

Is that what you geniuses want?

Trump is the most pro social security strengthening republican to ever run for president... he wants to stop the government from taxing social security payments because its double taxation... and its unconstitutional....

 

[1srelluc]

SS pays out about 1 trillion a year to recipients. The budget is 5.2 trillion.

The Dept of ED get 80 billion a year.....Cut that and the other agencies and their wasteful programs that don't need to exist and SS will be just fine.

Musk has a Herculean task ahead of him.

 

[Marener]

Trump is the most pro social security strengthening republican to ever run for president... he wants to stop the government from taxing social security payments because its double taxation... and its unconstitutional....

What has he ever done to strengthen social security?

Stopping taxation of social security benefits will weaken social security and lead to cuts in benefits in 6 years.

 

[1srelluc]

What has he ever done to strengthen social security?

Stopping taxation of social security benefits will weaken social security and lead to cuts in benefits in 6 years.

Well, if the dems had not stolen from the fund it would be fine.

That and the tax threshold has never been adjusted for inflation which made the whole "upper income" thing a fallacy.

Why Are Social Security Benefits Taxable? | The Motley Fool

About half of all seniors receiving Social Security will owe some amount of tax on their benefits this year.

www.fool.com

Will you be taxed on your Social Security benefit?​

The next question that typically comes to mind when you tell current or future retirees that Social Security benefits are taxable is, "Will my benefits be taxed? Right now, the answer is pretty much 50-50 between yes and no, although the pendulum continues to swing more toward seniors being taxed than not being tax on their Social Security income.

In 1984, when the taxation of benefits was implemented, persons and couples filing jointly whose modified adjusted gross income (MAGI) plus one-half of benefits exceeded $25,000 and $32,000, respectively, were subject to the tax. In this instance, the tax meant that up to half of their Social Security benefits could face federal ordinary income tax rates.

Then, in 1993, a second tier of taxation was introduced under the Clinton administration. Using the same formula as above -- i.e., MAGI plus one-half of benefits -- single filers and couples filing jointly with more than $34,000 and $44,000, respectively, will be subjected to this second tier. This new tier allows up to 85% of Social Security benefits to be taxed at the federal ordinary income tax rate.


Now, here's the catch: These income thresholds have never been adjusted for inflation. The fact that these thresholds haven't budged for 35-plus and 25-plus years, respectively, is a big reason why more and more seniors are being subjected to this tax, and why you currently are, or may be in the future, paying back some of your benefits to the Social Security Administration.

 

[Lakhota]

 

[Marener]

Well, if the dems had not stolen from the fund it would be fine.

That and the tax threshold has never been adjusted for inflation which made the whole "upper income" thing a fallacy.

Why Are Social Security Benefits Taxable? | The Motley Fool

About half of all seniors receiving Social Security will owe some amount of tax on their benefits this year.

www.fool.com

Will you be taxed on your Social Security benefit?​

The next question that typically comes to mind when you tell current or future retirees that Social Security benefits are taxable is, "Will my benefits be taxed? Right now, the answer is pretty much 50-50 between yes and no, although the pendulum continues to swing more toward seniors being taxed than not being tax on their Social Security income.

In 1984, when the taxation of benefits was implemented, persons and couples filing jointly whose modified adjusted gross income (MAGI) plus one-half of benefits exceeded $25,000 and $32,000, respectively, were subject to the tax. In this instance, the tax meant that up to half of their Social Security benefits could face federal ordinary income tax rates.

Then, in 1993, a second tier of taxation was introduced under the Clinton administration. Using the same formula as above -- i.e., MAGI plus one-half of benefits -- single filers and couples filing jointly with more than $34,000 and $44,000, respectively, will be subjected to this second tier. This new tier allows up to 85% of Social Security benefits to be taxed at the federal ordinary income tax rate.


Now, here's the catch: These income thresholds have never been adjusted for inflation. The fact that these thresholds haven't budged for 35-plus and 25-plus years, respectively, is a big reason why more and more seniors are being subjected to this tax, and why you currently are, or may be in the future, paying back some of your benefits to the Social Security Administration.

But wait, your fellow MAGA dipshits are telling me social security isn’t taxed. Why are you telling me what I already know?

Trump is a moron and his policies would be a disaster.

 

[Concerned American]

I don’t collect social security. If you don’t pay taxes, that’s because you don’t earn enough (or you’re committing tax evasion). About half of people who get social security pay taxes on their benefits.

This started way back in 1983.

Social Security is not taxed. If you have pensions of 401Ks, that is taxed. Now STFU, you don't know what you are talking about.

 

[Thinker101]

Social Security is already on life-support.
Trump's ideas..his free-flowing promises to his faithful--would cause the fund to become bankrupt in 6 years.
The irony is, of course, that millions of Trump supporters are ON Social Security..either retirement or SSI/SSD.
Let the good times roll~

Social Security Would Become Bankrupt Sooner Under Trump’s Plans, Report Finds

The analysis factored in Trump’s plans to eliminate taxes on Social Security benefits, tips and overtime, his immigration proposals and his promise to impose steep tariffs.

www.forbes.com

Former President Donald Trump’s promise not to tax Social Security benefits, tips or overtime, along with his pledges to impose steep tariffs and expand deportations, would “dramatically worsen Social Security’s finances,” the Committee for a Responsible Federal Budget said Monday—the latest analysis of Trump’s plans to conclude they’d have a negative impact on the economy.

Under Trump’s plans, Social Security’s ten-year cash shortfall would increase by $2.3 trillion, and Social Security trust funds would run out of money three years earlier, by fiscal year 2031, compared to existing estimates, the nonpartisan public policy organization reported.

Trump’s proposal to end taxation of Social Security benefits would increase the cash deficit by about $950 billion by fiscal year 2035, while his proposal to end taxes on overtime and tips would add $900 billion, and restrictions on immigration, coupled with his tariff policies, would grow the deficit by $400 billion.


Harris has echoed Trump’s promise to eliminate taxes on tips and vowed not to raise taxes for people earning less than $400,000, though the committee did not address Harris’ plans in its report on how Trump’s policies would impact Social Security.

Under current law, which limits Social Security spending to the amount it receives in tax revenue, benefits would be cut by 23% by 2035, but under Trump’s plans, they would have to be cut by about 33%.

The cuts would have the most impact the lowest income earners who already don’t pay taxes on benefits, while the cuts to higher earners would be offset somewhat by an increase in average after-tax benefits.

The report is the latest to show that some of Trump’s proposals would hurt the economy, including a Wall Street Journal survey released last week that found 68% of 50 economists surveyed said inflation would be higher under Trump’s economic plans than Harris’.

Dang, what's next? You'll tell us they want to roll grandma off the cliff?

 

[Marener]

Social Security is not taxed. If you have pensions of 401Ks, that is taxed. Now STFU, you don't know what you are talking about.

Sit down you fucking moron.

IRS reminds taxpayers their Social Security benefits may be taxable | Internal Revenue Service

Tax Tip 2022-22, February 9, 2022 — A new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits.

www.irs.gov

You’re too stupid to even know when you’re wrong.

 

[progressive hunter]

Social Security is already on life-support.
Trump's ideas..his free-flowing promises to his faithful--would cause the fund to become bankrupt in 6 years.
The irony is, of course, that millions of Trump supporters are ON Social Security..either retirement or SSI/SSD.
Let the good times roll~

Social Security Would Become Bankrupt Sooner Under Trump’s Plans, Report Finds

The analysis factored in Trump’s plans to eliminate taxes on Social Security benefits, tips and overtime, his immigration proposals and his promise to impose steep tariffs.

www.forbes.com

Former President Donald Trump’s promise not to tax Social Security benefits, tips or overtime, along with his pledges to impose steep tariffs and expand deportations, would “dramatically worsen Social Security’s finances,” the Committee for a Responsible Federal Budget said Monday—the latest analysis of Trump’s plans to conclude they’d have a negative impact on the economy.

Under Trump’s plans, Social Security’s ten-year cash shortfall would increase by $2.3 trillion, and Social Security trust funds would run out of money three years earlier, by fiscal year 2031, compared to existing estimates, the nonpartisan public policy organization reported.

Trump’s proposal to end taxation of Social Security benefits would increase the cash deficit by about $950 billion by fiscal year 2035, while his proposal to end taxes on overtime and tips would add $900 billion, and restrictions on immigration, coupled with his tariff policies, would grow the deficit by $400 billion.


Harris has echoed Trump’s promise to eliminate taxes on tips and vowed not to raise taxes for people earning less than $400,000, though the committee did not address Harris’ plans in its report on how Trump’s policies would impact Social Security.

Under current law, which limits Social Security spending to the amount it receives in tax revenue, benefits would be cut by 23% by 2035, but under Trump’s plans, they would have to be cut by about 33%.

The cuts would have the most impact the lowest income earners who already don’t pay taxes on benefits, while the cuts to higher earners would be offset somewhat by an increase in average after-tax benefits.

The report is the latest to show that some of Trump’s proposals would hurt the economy, including a Wall Street Journal survey released last week that found 68% of 50 economists surveyed said inflation would be higher under Trump’s economic plans than Harris’.

the sooner it goes under the quicker we can get rid of it,,