Trump to help us Senior Citizens

[Polishprince]

The elimination of income taxes on Social Security benefits would be a huge benefit to the nation's Old People.

Time for the greedy government to keep its hands off.

Trump also plans to help tipped workers, by eliminating income tax on tips.

Libs insist on the Literal Crucifixion of the old people and the nation's waitresses and strippers by refusing to get on the Trump train as far as tax reform.

Donald Trump's plan would change Social Security for millions

Social Security taxes currently apply to those with a combined income above $25,000.

www.newsweek.com

 

[DGS49]

This is a horribly wrong-headed move. The only people whose SS benefits are taxed are people who have significant taxable other income.

Social Security is an ENTITLEMENT. It is not "getting your money back that you put into it." People who are wealthy should not be drawing SS. If you ride around Miami, Hilton Head, and other "vacation" places around the country, you will see thousands and thousands of multi-million dollar water-side condo's, most of which are owned by retired people collecting Social Security. This is a travesty.

Enhance the benefits and only give them to people in need, or relatively in need. It's called "means testing," and it is entirely appropriate.

People like me should not be collecting SS (but I do).

I don't agree with Trump on everything. Just most things.

 

[Cassandro]

The EMPLOYER's SS contribution was never taxed (like a 401k), so why shouldn't that part be taxed?

 

[Concerned American]

The EMPLOYER's SS contribution was never taxed (like a 401k), so why shouldn't that part be taxed?

Everyone's responses to this thread have been valid. This is a really complex problem. Many different aspects. Earnings have a cap for SS contributions--maybe that needs to be removed. SS contributions are taxed--doesn't seem fair to tax the benefits. Maybe an income cap on receiving SS benefits? Should the estate of a person who paid into SS during their lives but died without collecting benefits, be reimbursed those contributions? There are so many twists involved that can affect a wide variety of people making it fair. As an OT aside, I always had a problem with the taxation of earnings from Savings Bonds. What is the justification for taxing the earnings from a loan that you make to the government?

 

[debbiedowner]

The elimination of income taxes on Social Security benefits would be a huge benefit to the nation's Old People.

Time for the greedy government to keep its hands off.

Trump also plans to help tipped workers, by eliminating income tax on tips.

Libs insist on the Literal Crucifixion of the old people and the nation's waitresses and strippers by refusing to get on the Trump train as far as tax reform.

Donald Trump's plan would change Social Security for millions

Social Security taxes currently apply to those with a combined income above $25,000.

www.newsweek.com

Won't happen this congress woman tried this a couple years ago and again she filed a non partisan bill in January of this year. If Trump is elected he needs congress to get it through and they, except for a few will not take it up.

Rep. Angie Craig Announces New Legislation to Eliminate Federal Taxes on Social Security Benefits

WEST ST. PAUL – Today, U.S. Representative Angie Craig announced new legislation to eliminate federal taxes on Social Security benefits for seniors.

craig.house.gov

 

[debbiedowner]

Everyone's responses to this thread have been valid. This is a really complex problem. Many different aspects. Earnings have a cap for SS contributions--maybe that needs to be removed. SS contributions are taxed--doesn't seem fair to tax the benefits. Maybe an income cap on receiving SS benefits? Should the estate of a person who paid into SS during their lives but died without collecting benefits, be reimbursed those contributions? There are so many twists involved that can affect a wide variety of people making it fair. As an OT aside, I always had a problem with the taxation of earnings from Savings Bonds. What is the justification for taxing the earnings from a loan that you make to the government?

The cap does need to be removed on earnings.

My question is, why should we pay taxes on SS when we already paid taxes?

As you may find it hard to believe I agree with everything you mention.

 

[debbiedowner]

This is a horribly wrong-headed move. The only people whose SS benefits are taxed are people who have significant taxable other income.

Social Security is an ENTITLEMENT. It is not "getting your money back that you put into it." People who are wealthy should not be drawing SS. If you ride around Miami, Hilton Head, and other "vacation" places around the country, you will see thousands and thousands of multi-million dollar water-side condo's, most of which are owned by retired people collecting Social Security. This is a travesty.

Enhance the benefits and only give them to people in need, or relatively in need. It's called "means testing," and it is entirely appropriate.

People like me should not be collecting SS (but I do).

I don't agree with Trump on everything. Just most things.

What do you consider as significant income to be taxed? An amount?

 

[Cassandro]

The underlying problem is that Social Security is an "entitlement" program masquerading as an investment program.

 

[debbiedowner]

Generally, for combined incomes between $25,000 and $34,000 ($32,000 and $44,000 for joint filers), up to 50% of your Social Security benefits may be taxed as ordinary income, and if your combined income exceeds those thresholds, up to 85% is taxable

Benefits Planner | Income Taxes and Your Social Security Benefit | SSA

This Social Security planner page explains when you may have to pay income taxes on your Social Security benefits.

www-origin.ssa.gov

 

[debbiedowner]

The underlying problem is that Social Security is an "entitlement" program masquerading as an investment program.

So you're going with an entitlement and not people receiving their money back in old age that they have paid into most of their life?

 

[Concerned American]

The underlying problem is that Social Security is an "entitlement" program masquerading as an investment program.

It is neither. It is an insurance policy under its current model.

 

[John Edgar Slow Horses]

Trump will hurt seniors horribly: he attacks SS, Medicare, Medicaid, VA, ACA.

Are you crazy?

 

[Cassandro]

It is neither. It is an insurance policy under its current model.

Only the disability part. The rest is a middle class welfare program.

 

[John Edgar Slow Horses]

Only the disability part. The rest is a middle class welfare program.

False.

 

[Concerned American]

Only the disability part. The rest is a middle class welfare program.

I disagree. The retirement portion is insurance on the gamble that you will not live long enough to collect any or all of the contributions that you paid in. It is no different than an annuity which is also an insurance policy. They both pay a benefit on death as well.

 

[John Edgar Slow Horses]

It is an Mandatory Old-Age Insurance Policy.

 

[Cassandro]

The retirement portion is insurance on the gamble that you will not live long enough to collect any or all of the contributions that you paid in.

So the government is gambling that you will die early? That doesn't seem to be a very good bet.

It is no different than an annuity which is also an insurance policy.

An annuity is a specified return on an investment. An insurance policy is a contract against loss.

They both pay a benefit on death as well.

An annuity may or may not include a payment on death. For Social Security, the payment is minuscule.

P.S. The reason I refer to Social Security as a welfare program is because its payment benefits are not proportional to the amounts paid into it. Lower income individuals receive a much higher return on their contributions than do higher income individuals. That is why none of the latter would want to voluntarily increase their contributions, even if they could.

 

[Concerned American]

The reason I refer to Social Security as a welfare program is because its payment benefits are not proportional to the amounts paid into it.

Two generations of my family received NO SS from their contributions. My generation are all in to our retirements. The gov't still owes the first two generations and yes, the gov't is doing exactly that--betting that you won't live to collect all of your SS. They would be on the winning end if SS had been kept as designed--that only those who paid in can draw, but the commie left couldn't have that.

 

[John Edgar Slow Horses]

He said, "commie left." hah hah

 

[Cassandro]

He said, "commie left." hah hah

"Commie left" is redundant.