The SSA applauds the passing of the Big Beautiful Bill providing tax relief for Seniors.

[MarathonMike]

FACT #1: Income taxes paid on SS benefits are paid back to to the SSA to help fund current benefits. (First 50% of income taxes on SS Benefits + 35% going to Medicare above certain (relatively low) income trigger points.

FACT #2: If the SSA has less revenue and current benefits remain the same, then MORE funds must be drawn from the SS Trust fund to pay current benefits. That means the the exhaustion of the Trust Fund will be accelerated.

FACT #3: Barring some change in the law in the next few years, when the Trust Fund is exhausted, then SS Benefits go to Pay Go meaning that benefits will be paid only based on FICA tax revenue. The result is projected to be about a 25% reduction in SS Benefits.
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I'm thinking that Seniors are going to be PISSED when they have a 25% decrease in benefits even earlier than projected.

This will also decrease revenue going to MediCare which most seniors rely on.

A tax cut as a political "Bumper Sticker" now, which will cause even more pain in a few years doesn't make sense to those of us that can see past the next election. Oh - and the tax cut expires when Trump leaves office. Convenient that isn't it.

WW

The Trust Fund problem was going insolvent by 2035. Now the Seniors who depend of SS the most will be able to keep all of their benefits which is great. If that pulls in the 2035 date GOOD. Then Congress will have to start addressing it sooner rather than ignoring it.

 

[TimFitz]

Yeah, with 60 Million Americans over the age of 65 it might.

You break your ass for 45 - 50 years, pay after-tax money into Social Security, if you're smart you have a Retirement Fund of some kind but when you want to draw money from your IRA, it puts you over the Income Tax Threshold and the IRS sticks it up your butt. Without any lube.

The OBBB affects me, and millionss of retired Americans, in that now, when I take money out of my IRA, I only have to pay Tax on THAT money and NOT on Social Security money. Which has already been taxed because it was taken out of my paycheck AFTER it was taxed. The Employer Contribution wasn't, but we could use a break every now and then.

This affects me in that now, maybe, just MAYBE I can build a small house on my little Hobby Farm in SW Michigan and get out of Florida. It's like Little Brooklyn down here anymore. I can't recommend it to you.

Florida has become everything I ran away from 50 years ago. Well, not THAT bad, but it's getting there. It's Wall-To-Wall sphincters down here. Masses of humanity. Mostly short, little dumpy females hauling their worthless spawn to and from school or Sportsdork bullshit...... When they're not NASCAR Racing on their way to the Mall for the latest sale or pushing into you with their Shopping Carts at the Grocery store. And it's exacerbated by the fact that Florida wasn't the recipient of the Depression Era "Make-Work" projects. We don' thave that many roads. And it's not easy to build roads down here. Swamps & Alligators 'n shit

Florida has been very good to me. I will always have a special place in my heart for Florida.

But....... I'm over it.

Too many people.

The OBBB may just be my saviour. We'll see

You’re going to be very disappointed.

BTW, taxing Social Security was Ronal Reagan’s doing.

Your IRA money is still going to be taxed.

 

[TimFitz]

The Trust Fund problem was going insolvent by 2035. Now the Seniors who depend of SS the most will be able to keep all of their benefits which is great. If that pulls in the 2035 date GOOD. Then Congress will have to start addressing it sooner rather than ignoring it.

Well, now, it’s going to be year older. The people dependent on SSA won’t be affected at all.

 

[leftwinger]

You’re going to be very disappointed.

BTW, taxing Social Security was Ronal Reagan’s doing.

Your IRA money is still going to be taxed.

Congress does it all. RWR would have o ly approved it you dumb OX. Probably a giant bill to get other good stuff, held hostage.

 

[leftwinger]

So. Bottom line. Older folks get ~$760 per person + few hundred from larger STD deduction. (11% bracket).

Maybe more if on SS? maybe pay no tax on some or all of it if income kess than $75K?

Other than that? No change to tax rates unless you make up to $25K in tips now not taxed.

 

[WorldWatcher]

I've pasted from online SS where SS is paid to illegals. Even if never worked. They can use 40 quarters of household resident to qualfy..

Not to mention all those on SSDI fraudulently signed up by NGO doctors or however they get on. SS numbers given to non-citizens.

Please provide the link I'd like to take a read.

My understanding is that to qualify for SS Retirement (the subject of the tax deduction and the thread) you can't be illegal.

So a relevant reference will be appreciated.

Again we are talking SS Retirement, not SSDI or SSI which are not part of the relevant deduction.

WW

 

[WorldWatcher]

Yeah, with 60 Million Americans over the age of 65 it might.

You break your ass for 45 - 50 years, pay after-tax money into Social Security, if you're smart you have a Retirement Fund of some kind but when you want to draw money from your IRA, it puts you over the Income Tax Threshold and the IRS sticks it up your butt. Without any lube.

The OBBB affects me, and millionss of retired Americans, in that now, when I take money out of my IRA, I only have to pay Tax on THAT money and NOT on Social Security money. Which has already been taxed because it was taken out of my paycheck AFTER it was taxed. The Employer Contribution wasn't, but we could use a break every now and then.

This affects me in that now, maybe, just MAYBE I can build a small house on my little Hobby Farm in SW Michigan and get out of Florida. It's like Little Brooklyn down here anymore. I can't recommend it to you.

Florida has become everything I ran away from 50 years ago. Well, not THAT bad, but it's getting there. It's Wall-To-Wall sphincters down here. Masses of humanity. Mostly short, little dumpy females hauling their worthless spawn to and from school or Sportsdork bullshit...... When they're not NASCAR Racing on their way to the Mall for the latest sale or pushing into you with their Shopping Carts at the Grocery store. And it's exacerbated by the fact that Florida wasn't the recipient of the Depression Era "Make-Work" projects. We don' thave that many roads. And it's not easy to build roads down here. Swamps & Alligators 'n shit

Florida has been very good to me. I will always have a special place in my heart for Florida.

But....... I'm over it.

Too many people.

The OBBB may just be my saviour. We'll see

Just so ya know. This is a deduction from AGI not a credit.

You will still be paying income tax on SS when you have (relatively low) other income which (such as 401K deduction) moved you into the 50% and and then the 85% bracket.

As a deduction it will lower your SS taxes but not eliminate them.

However it will exhaust the Trust Fund earlier, which means barring action from Congress the expected 25% cut in benefits will happen sooner.

WW

 

[Edgetho]

I thought it used to be after-tax but I is confuseded now.

This is how dishonest and corrupt dimocrap scum have made EVERYTHING. Including AI.

If you don't word the question exactly right, they keep telling you that FICA is Pre Tax. Which is a Half-Truth. And, as we all know, a half truth is still a lie --

Google Search

Yes, generally speaking, the employee's contribution of FICA taxes is deducted after federal income tax. FICA taxes, which include Social Security and Medicare taxes, are mandatory deductions from an employee's paychec

In summary: FICA taxes are taken out of your gross pay, but they do not reduce your taxable income for federal income tax purposes. Therefore, in the common understanding of "after tax," FICA is deducted after your federal income tax is calculated based on your taxable incom

 

[WorldWatcher]

So. Bottom line. Older folks get ~$760 per person + few hundred from larger STD deduction. (11% bracket).

Maybe more if on SS? maybe pay no tax on some or all of it if income kess than $75K?

Other than that? No change to tax rates unless you make up to $25K in tips now not taxed.

Why assume 11% bracket?

It be interesting if we could find a distribution of SS Recipients by Tax Bracket.

Most states also tie State income taxes to Federal AGI so that would be added in.

As a middle class couple we normally run an Effective Tax Rate (Federal + State) of around 25%.

WW

 

[MarathonMike]

You’re going to be very disappointed.

BTW, taxing Social Security was Ronal Reagan’s doing.

Your IRA money is still going to be taxed.

You clowns were screaming about Trump TAKING AWAY SS FROM SENIORS. Now you are all flip flopping and screaming INSOLVENCY INSOLVENCY Trump is GIVING AWAY too much to Seniors. LOL

 

[Edgetho]

You clowns were screaming about Trump TAKING AWAY SS FROM SENIORS. Now you are all flip flopping and screaming INSOLVENCY INSOLVENCY Trump is GIVING AWAY too much to Seniors. LOL

Wanna know why?

Because -- They're scum.

They couldn't give a flying **** about me, you, The American People, America or anything else besides the acquisition of Power.

And then, when they do get it, through theft or corruption or misdirection, they don't know how to handle it.

Because dimocraps are not only the scum of the Earth -- They're Incompetent.

 

[leftwinger]

Please provide the link I'd like to take a read.

My understanding is that to qualify for SS Retirement (the subject of the tax deduction and the thread) you can't be illegal.

So a relevant reference will be appreciated.

Again we are talking SS Retirement, not SSDI or SSI which are not part of the relevant deduction.

WW

CANNOT get back in.....they have created some new complicated sign-in create account procedure. Maybe I can find it another way but I don't want to work that hard right now on a holiday! For the love of God!
Can't get to the PDF book or the online site.

 

[Marener]

The Trust Fund problem was going insolvent by 2035. Now the Seniors who depend of SS the most will be able to keep all of their benefits which is great. If that pulls in the 2035 date GOOD. Then Congress will have to start addressing it sooner rather than ignoring it.

That’s the dumbest thing I’ve ever heard. You say you want Congress to fix it but instead applaud them for making it worse.

 

[leftwinger]

upplemental Security Income (SSI) for Noncitizens Who can get Supplemental Security Income? To be eligible for SSI as a noncitizen, you must be in one of certain classifications granted by the Department of Homeland Security (DHS). You may be eligible for SSI if you are: • Lawfully admitted for permanent residence. • Granted conditional entry. • Paroled into the United States. • Admitted as a refugee. • Granted asylum. • An alien whose removal is being withheld. • A Cuban or Haitian Entrant. • Admitted as an Amerasian Immigrant. • Admitted as an Afghan or Iraqi Special Immigrant. • Admitted as an Afghan humanitarian parolee or Afghan Non-Special Immigrant Parolee. • Admitted as a Ukrainian humanitarian parolee. In addition to being in one of the above classifications, you must also satisfy one of these requirements to be eligible for SSI as a noncitizen: • You were lawfully residing in the United States on Aug. 22, 1996, and you’re blind or develop a disability. • You were receiving SSI on Aug. 22, 1996, and you’re lawfully residing in the United States. • You were lawfully admitted for permanent residence and you have a total of 40 credits of work in the United States. (Your spouse’s or parent’s work also may count). • You’re a veteran or active duty member of the United States Armed Forces, or a spouse or dependent of a veteran or active duty member of the United States Armed Forces. • You’re an American Indian born in Canada. • You’re a noncitizen member of a federally recognized Indian tribe. • You’re a victim of severe forms of human trafficking. There are others who may be eligible for payments. If you’re a noncitizen and want to apply for SSI, contact us to see if you’re eligible

It is complicated and messy:

OK SSI is clearly mentioned. I can't get into SS right now. As well as using other household members work credits to qualify. Meaning Aunt Luizi comes in and claims on Hectors past work history. For Social Security benefits, you can earn a maximum of 4 credits per year. A noncitizen also can receive additional credits per year based on the work of a spouse or parent. (over) SSA.gov Supplemental Security Income (SSI) for NoncitizensSocial Security numbers Work credits remain on your work record indefinitely. The extra work credits from a spouse or parent help toward eligibility but aren’t posted to a noncitizen’s work record and aren’t counted to determine the amount of benefits.

 

[sartre play]

Some things look ok, Very hard to read bill.
DO WONDER THIS TIME like last Republican administration.
WHY things Again expire for the more average Americans.
But remain permeant for the richest?

 

[MarathonMike]

That’s the dumbest thing I’ve ever heard. You say you want Congress to fix it but instead applaud them for making it worse.

I'm all for helping lower income Seniors keep more of their money. Clearly you didn't know SS was going insolvent in 10 years regardless of the BBB passing, so Congress had BETTER get on the stick.

 

[Marener]

I'm all for helping lower income Seniors keep more of their money. Clearly you didn't know SS was going insolvent in 10 years regardless of the BBB passing, so Congress had BETTER get on the stick.

You mean you’re for seniors keeping more of my money.

 

[eagle1462010]

It's temporary, not a tax cut but a temporary tax deduction, and expires in 2028, when trump leaves office... And it makes SS fall short of full payments a year earlier than expected.

Yup. And a SMART POLITICAL MOVE

Try and CUT IT right before that election.

LMAO

 

[2aguy]

All of the Democrats voted against it.
That might hurt them in the midterm election.

I doubt it.....too many people don't even know what is in the BBB let alone that the democrats voted against them keeping more money........

 

[MarathonMike]

You mean you’re for seniors keeping more of my money.

You and all the BBB bashers were crying for the poor Seniors losing their Social Security. Now you call Seniors bloodsuckers keeping YOUR money. Which is it? You can't have it both ways.