Trump Hammers Home Plan to Eliminate Tax on Social Security Income

[mystery-ak]

Trump Hammers Home Plan to Eliminate Tax on Social Security Income

Elizabeth Weibel 17 Aug 2024


Former President Donald Trump reiterated a campaign promise to eliminate taxes on Social Security income for seniors.

While speaking from Wilkes-Barre, Pennsylvania, on Saturday, Trump criticized Vice President Kamala Harris for copying his campaign promise to eliminate taxes on tips.

“To get economic relief to workers and families, I will make the Trump tax cuts permanent, and we will have no tax on tips, which she copied,” Trump told the crowd. “You all know by now, she came out a few days ago and she said, ‘There will be no tax on…’ I said, ‘I said that months ago.'”

https://twitter.com/RSBNetwork/status/1824929328410350019

mhttps://www.breitbart.com/politics/2024/08/17/trump-hammers-home-plan-to-eliminate-tax-on-social-security-income/ore

[mystery-ak]

I wonder if AARP will endorse Trump...

[cato potatoe]

Taxing SSA checks never made a lot of sense.  The 40% of recipients who pay federal tax on the benefits would have been FAR better off investing in a diversified fund.  All retirees would have been, but especially those with disposable income during their working years. 

So I don't imagine most people would have a problem with this, but Trump needs to tell us where the $50 billion/yr funding gap is going to be offset. 

[libertybele]

Taxing SSA checks never made a lot of sense.  The 40% of recipients who pay federal tax on the benefits would have been FAR better off investing in a diversified fund.  All retirees would have been, but especially those with disposable income during their working years. 

So I don't imagine most people would have a problem with this, but Trump needs to tell us where the $50 billion/yr funding gap is going to be offset.

Those running always make campaign promises but few ever convey how they are going to accomplish their agendas.

[goatprairie]

Taxing SSA checks never made a lot of sense.  The 40% of recipients who pay federal tax on the benefits would have been FAR better off investing in a diversified fund.  All retirees would have been, but especially those with disposable income during their working years. 

So I don't imagine most people would have a problem with this, but Trump needs to tell us where the $50 billion/yr funding gap is going to be offset.

Promising pie in the sky has worked well for presidential candidates since they began having elections.
Neither Trump nor Harris can explain how their programs will work.

[LMAO]

Neither Trump nor Harris can explain how their programs will work.

As long as their supporters believe they will work, that's all that will matter

[Hoodat]

I wonder if AARP will endorse Trump...

Not a chance.

[Hoodat]

So I don't imagine most people would have a problem with this, but Trump needs to tell us where the $50 billion/yr funding gap is going to be offset.

Both candidates need to tell us where the current $2 trillion funding gap is going to be offset.

[goatprairie]

As long as their supporters believe they will work, that's all that will matter

[NavyCanDo]

I'll begin collecting SS July of 2025 so watching this closely, But this is something that has to be passed by congress in order to make it to the President's desk.  Same with the No Tax on Tips. Not holding my breath.

[libertybele]

I'll begin collecting SS July of 2025 so watching this closely, But this is something that has to be passed by congress in order to make it to the President's desk.  Same with the No Tax on Tips. Not holding my breath.

Only a portion of social security is taxed depending on other income and deductions anyways.

Sometimes COLA to SS is a slap in a face because $$ is lost due to taxes because you get dumped into a different tax bracket.

All in all this and no tax on tips is a great idea - however, I don't see it ever happening regardless of who gets into office.