Here's a decent explanation of the No Tax on Social Security bait-and-switch. It's from PBS, yet appears to be surprisingly correct (for them).
"President Donald Trump keeps saying that Republicans’ mega tax and spending cut legislation will eliminate taxes on federal Social Security benefits. It does not.
At best, Trump’s “no tax on Social Security” claim exaggerates the benefits to seniors if either the House or Senate-passed proposals is signed into law."
"But instead of eliminating the tax, the Senate and House have each passed their own versions of a temporary tax deduction for seniors aged 65 and over, which applies to all income — not just Social Security. And it turns out not all Social Security beneficiaries will be able to claim the deduction. Those who won’t be able to do so include the lowest-income seniors who already don’t pay taxes on Social Security, those who choose to claim their benefits before they reach age 65 and those above a defined income threshold."
In other words, tax-wise, it has absolutely nothing to do with Social Security!
Trump says the Republican mega bill will eliminate taxes on Social Security. It does not
It's not only not equivalent, but is not related to social security in any way other than the lie that's being told.It seems like they tried to come up with something that would do the equivalent without having to present other legislation. I'm not sure what the deduction is here, but it may be equivalent.
No. It is a deduction from your AGI (Adjusted Gross Income). What you are thinking of is called a Tax Credit.By definition, a deduction is against taxes paid.
Combined income | Taxable amount of Social Security income |
Less than $25,000 | 0% |
$25,000–$34,000 | Up to 50% |
Greater than $34,000 | Up to 85% |
Combined income | Taxable amount of Social Security income |
Less than $32,000 | 0% |
$32,000–$44,000 | Up to 50% |
Greater than $44,000 | Up to 85% |
I asked Grok to solve the federal budget deficit and debt, and to treat current debt like a 40 year loan. That 40 year loan payment is 1.9 Trillion annually. Medicare, SS, etc, are treated as separate programs that MUST be self-funding.And the MAGA army bots come out of the woodwork to condemn him. Not because he isnt right, he is.
Because the party has developed into a cult that ignores common sense, fiscal conservatism, and the countless things they've been promised and voted for that are no longer useful to Dear Leader or the grifters in Congress. Like those fake promises, the party has no more use for the core voter, only the useful idiot shills and paid cheerleaders.
… and yes, $20 Trillion more debt over 10 years WILL collapse our currency
LOL.. You are buying right into it.^^^^^
NOW you're thinking like a grifter Congress Critter!
99% of the American people and most of MAGA only see and comprehend the headline
This is not a conspiracy theory.
The money will be used for more agents to get rid of the trash that Biden let in.
LOL.. You are buying right into it.