Donald Trump calls for elimination of tax on Social Security

Valletta · Aug 2, 2024

One avenue Trump has floated to compensate for those reductions is to ramp up tariffs.
He’s dangled a 10% across-the-board tariff on foreign imports broadly and suggested 60% tariffs (or even higher) on imports from China.

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

A lot of people worked hard and were already taxed, and now the government taxes them again on Social Security. Why should they have to pay taxes again, takes that go for the student loan payoffs or the various woke programs and EV promotions and "equity" training and benefits for illegals?

Bradskii · Aug 2, 2024

Valletta said:
One avenue Trump has floated to compensate for those reductions is to ramp up tariffs.
He’s dangled a 10% across-the-board tariff on foreign imports broadly and suggested 60% tariffs (or even higher) on imports from China.

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

A lot of people worked hard and were already taxed, and now the government taxes them again on Social Security. Why should they have to pay taxes again, takes that go for the student loan payoffs or the various woke programs and EV promotions and "equity" training and benefits for illegals?

Isn't social security means tested? In Australia you only get it if you don't have funds on which to live. It's certainly not enough to live on so there's constant encouragement to make your own arrangements for superannuation (like your 401k?).

childeye 2 · Aug 2, 2024

Bradskii said:
Isn't social security means tested? In Australia you only get it if you don't have funds on which to live. It's certainly not enough to live on so there's constant encouragement to make your own arrangements for superannuation (like your 401k?).

We have many people who collect social security who don't even need it. So, it is taxed if you have other income, but not taxed, if you don't.

Bradskii · Aug 2, 2024

childeye 2 said:
We have many people who collect social security who don't even need it. So, it is taxed if you have other income, but not taxed, if you don't.

I don't agree with those who are well off having it in the first place. Are you saying that if you have a few million in the bank then you can claim it?

I don't know the details, but if that's the case, then taxing it goes some way to redress that situation.

childeye 2 · Aug 2, 2024

Bradskii said:
I don't agree with those who are well off having it in the first place. Are you saying that if you have a few million in the bank then you can claim it?

I hear you. But basically, yes you can claim it if you've paid enough into it. It's always been a system meant to keep people out of poverty. To maintain a solvent system, the government began taxing it otherwise they would have to cut benefits. Some people didn't like that because they say it gets taxed twice. But it's been a reliable lifeline that many people can depend on because of the taxation.

wing2000 · Aug 3, 2024

Bradskii said:
I don't agree with those who are well off having it in the first place. Are you saying that if you have a few million in the bank then you can claim it?

Yes. As long as one pays Social Secuirty tax for 10 years (payroll dedecutions), one can claim beneifts regardless of one's wealth at retirement age. The benefit is capped at $3,600 / month.

wing2000 · Aug 3, 2024

Valletta said:
He’s dangled a 10% across-the-board tariff on foreign imports broadly and suggested 60% tariffs (or even higher) on imports from China.

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

Imagine the inflationary impact of such tarriffs on people who are dependent on Social Security.

Bradskii · Aug 3, 2024

childeye 2 said:
I hear you. But basically, yes you can claim it if you've paid enough into it. It's always been a system meant to keep people out of poverty. To maintain a solvent system, the government began taxing it otherwise they would have to cut benefits. Some people didn't like that because they say it gets taxed twice.

I get the 'taxed twice' argument. There was talk down here about taxing the value of your home when you die when it's passed on to your children. Say what? We bought the thing and paid the mortgage, which was up to 17% at one point in the early days, we stretched ourselves to the limit and we paid for the extension all with our earnings, which had already been taxed. And they want to tax the house again? No way.

That said, I don't agree that people who don't need social security should receive it. I'd vote against anyone who suggested that people like myself should have it. It should go to people who are doing it tough. So IF you're going to give it to people who already have a chunk of money in the bank, or in shares then tax it.

Valletta · Aug 3, 2024

wing2000 said:
Imagine the inflationary impact of such tarriffs on people who are dependent on Social Security.

Seniors who are currently being taxed on their Social Security will have more money in their pockets to spend. Trade wars are difficult. Joe Biden kept the Trump tariffs on, and increased those on the total Chinese EV package. For now it is a negotiation point for Trump, he has experience as a business negotiator.

Bradskii · Aug 3, 2024

Valletta said:
For now it is a negotiation point for Trump, he has experience as a business negotiator.

Yeah, he had so many successful businesses. Shall we investigate?

Trump Uni.
Trump Vodka
Trump Airlines
Trump Steak
Trump Mortgages
Trump Ice
Trump Magazine
Trump Taj Mahal
Trump Marina
Trump Plaza Hotel and Casino

Notice they all have one thing in common? Apart from the fact that they all went under?

Valletta · Aug 3, 2024

Bradskii said:
Yeah, he had so many successful businesses. Shall we investigate?

Trump Uni.
Trump Vodka
Trump Airlines
Trump Steak
Trump Mortgages
Trump Ice
Trump Magazine
Trump Taj Mahal
Trump Marina
Trump Plaza Hotel and Casino

Notice they all have one thing in common? Apart from the fact that they all went under?

That business. His Trump Tower was quite a success. My point is that typically American foreign negotiators give away way more than is needed just so they can say they made a deal. A true negotiator, like Trump, is willing to walk away from a deal.

Bradskii · Aug 3, 2024

Valletta said:
A true negotiator, like Trump, is willing to walk away from a deal.

That's truly funny.

Maria Billingsley · Aug 3, 2024

Valletta said:
One avenue Trump has floated to compensate for those reductions is to ramp up tariffs.
He’s dangled a 10% across-the-board tariff on foreign imports broadly and suggested 60% tariffs (or even higher) on imports from China.

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

A lot of people worked hard and were already taxed, and now the government taxes them again on Social Security. Why should they have to pay taxes again, takes that go for the student loan payoffs or the various woke programs and EV promotions and "equity" training and benefits for illegals?

Correction: Social Security collected during employment are pre tax dollars so no tax on it in fact, it lowers income so that potentially one may be in a lower tax bracket.
Correction: It is widely known that tariffs hurt the consumer and contributes to inflation. These fees are passed on to the end user. China feels nothing.

His " ideas" are not wise.

Laodicean60 · Aug 3, 2024

Bradskii said:
I get the 'taxed twice' argument.

Speaking of tax, did Australia just enact an unrealized capital gains tax I know America was rumored to want it.

Laodicean60 · Aug 3, 2024

It is just another creative way for politicians to buy votes.

durangodawood · Aug 3, 2024

Valletta said:
One avenue Trump has floated to compensate for those reductions is to ramp up tariffs.
He’s dangled a 10% across-the-board tariff on foreign imports broadly and suggested 60% tariffs (or even higher) on imports from China.

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

A lot of people worked hard and were already taxed, and now the government taxes them again on Social Security. Why should they have to pay taxes again, takes that go for the student loan payoffs or the various woke programs and EV promotions and "equity" training and benefits for illegals?

Not sure if the tax benefit would offset the huge additional inflation.

bèlla · Aug 3, 2024

Bradskii said:
I don't agree with those who are well off having it in the first place. Are you saying that if you have a few million in the bank then you can claim it?

A percentage is removed from earnings every pay period. We aren't given the option of non participation. Younger voters want to remove mandatory contributions or allow us to manage them. Either are preferable to me.

~bella

Laodicean60 · Aug 3, 2024

Maria Billingsley said:
Correction: Social Security collected during employment are pre tax dollars so no tax on it in fact, it lowers income so that potentially one may be in a lower tax bracket.
Correction: It is widely known that tariffs hurt the consumer and contributes to inflation. These fees are passed on to the end user. China feels nothing.

His " ideas" are not wise.

I agree, I believe as you do about tariffs. Nothing is mentioned about trade wars, countries can easily impose tariffs on us and we are dependent on China's natural resources—the ignorance of our politicians.

He's probably listening to these guys:

CPA Economic Model Shows 10% Universal Tariff Would Raise Incomes, Pay for Large Tax Cuts for Lower and Middle Class - Coalition For A Prosperous America

New economic analysis showing that a global 10% tariff on all U.S. imports would generate U.S. economic growth, increase real wages, increase employment, and raise additional revenue to lower taxes for lower- and middle-class Americans.

prosperousamerica.org

comana · Aug 3, 2024

The maximum combined total income allowed before Social Security is taxed needs to be raised.

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

File a federal tax return as an "individual" and your combined income*is
- Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
- More than $34,000, up to 85% of your benefits may be taxable.
File a joint return, and you and your spouse have a combined income*that is
- Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
- More than $44,000, up to 85% of your benefits may be taxable.

IMO , A combined total income of 44k for a couple is way too low as the threshold to start taxing SS income. Also to note, Congress last adjusted the income levels in 1993 when these maximums were much more reasonable.

wing2000 · Aug 3, 2024

Valletta said:
Seniors who are currently being taxed on their Social Security will have more money in their pockets to spend. Trade wars are difficult. Joe Biden kept the Trump tariffs on, and increased those on the total Chinese EV package. For now it is a negotiation point for Trump, he has experience as a business negotiator.

Targeted tarrffs are one thing.
10% tarriff across the board is quite another. Our trading partners will certainly reciprocate, leading to higher prices on imported goods from Mexico, Canada, ....the globe.

And let's say he backs off the 60% tariff on goods from China and settles for 30%. Do you have any idea what that would do to prices at your local Walmart? Do you really think the Walton family is going to absorb the increase cost of goods from China? I'm not opposed to removing the tax from Social Security earnings. However, any savings for Social Security recipients will be consumed in higher prices for imported goods.

Donald Trump calls for elimination of tax on Social Security

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