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TexLaProgressive

(12,649 posts)

51. U.I. Unemployment Insurance or compensation?

Reply to valleyrogue (Reply #25)

Sat Jul 5, 2025, 12:05 PM

Jul 2025

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What is wrong with the tax cut for SS recipients. Although I will save [View all] doc03 Jul 2025 OP

Exactly, they are shortening the life of SS. gab13by13 Jul 2025 #1

"My daughter has been planning for 20 years not to rely upon having SS." NCDem47 Jul 2025 #11

smoke and mirrors Yonnie3 Jul 2025 #2

Yup, they want SS to collapse before 2034. This hastens the date and Tadpole Raisin Jul 2025 #3

In my view the strategy is even shorter than that. Both the no taxes on social security, and the no tax on lostincalifornia Jul 2025 #20

The bill does not eliminate nor directly reduce taxes on Social Security Benefits Wiz Imp Jul 2025 #27

It gives some seniors an addition deduction on their tax returns. Ultimately it means ... CousinIT Jul 2025 #60

Not really. According to The Committee for a Responsible Federal Budget Wiz Imp Jul 2025 #23

Those that currently pay taxes on social security, would get those taxes back in the form of a credit on their lostincalifornia Jul 2025 #33

It is not a credit. It is a deduction. Wiz Imp Jul 2025 #44

How. praytell, is it going to "collapse"? It can't go broke. valleyrogue Jul 2025 #24

The SS trust fund invests in special-issue Treasury securities, Ocelot II Jul 2025 #46

I think if Harris would have taken up the issue doc03 Jul 2025 #4

Kamala Harris won the last election. gab13by13 Jul 2025 #9

Kamala Harris is our duly elected president, and I'm pretty sure everyone knows it deep in their hearts. BComplex Jul 2025 #14

Perhaps. But the promise to eliminate taxes on SS Benefits was a total lie. Wiz Imp Jul 2025 #28

Devaluation of the currency (inflation!) will make the end game worse bucolic_frolic Jul 2025 #5

Everything that Krasnov is doing gab13by13 Jul 2025 #10

And homegirl Jul 2025 #15

A llitle history TexLaProgressive Jul 2025 #6

Reagan started the tax on SS by taxing doc03 Jul 2025 #8

Yes, but it only applied to higher income beneficiaries, not those with modest incomes, and was part of the lostincalifornia Jul 2025 #22

Not double taxation. At least not when the law was passed. Wiz Imp Jul 2025 #34

Don't forget that Reagan did it with the approval of a Democratic House MichMan Jul 2025 #18

UI was also taxed for the first time. n/t valleyrogue Jul 2025 #25

U.I. Unemployment Insurance or compensation? TexLaProgressive Jul 2025 #51

You have to pay taxes on your unemployment insurance benefits. valleyrogue Jul 2025 #62

Republicans hate Social Security, they've hated it from the beginning. They've done their best to try and destroy it. Walleye Jul 2025 #7

RepubliSCUM hate everything that benefits "We, the People." MLWR Jul 2025 #16

No, it does NOT take any funding from SS. In fact it has nothing to do with SS. lostnfound Jul 2025 #12

Thanks for the facts. n/t valleyrogue Jul 2025 #26

You are partly right and partly wrong. Wiz Imp Jul 2025 #37

I copied this from Kiplinger, maybe another way to understand gab13by13 Jul 2025 #45

I stand corrected, thank you. I'm pleasantly surprised. Nt lostnfound Jul 2025 #48

NOT CORRECT. RandomNumbers Jul 2025 #53

? Taxes paid on Social Security DO go back into the Soc Security Trust Fund, not the treasury.. CousinIT Jul 2025 #61

Did not know that MichMan Jul 2025 #64

It is a Machiavelli con along with the "no tax on tips", both set to expire in 2028 when trump's term ends. lostincalifornia Jul 2025 #13

There's nothing about SS in the bill............... NGeorgian Jul 2025 #17

Yes it does. The tax bill is a thousand pages long. lostincalifornia Jul 2025 #19

Super misleading. The bill does not mention SS Benefits even once. Wiz Imp Jul 2025 #38

It is a credit which offsets the tax you pay on it, no? lostincalifornia Jul 2025 #50

No. It is not a credit. It is a deduction. Wiz Imp Jul 2025 #58

No. Because of the bill being a reconciliation bill they actually could not touch the SS trust fund, so they... Ol Janx Spirit Jul 2025 #21

Correct. You stated it pretty succinctly. Better than I did. Wiz Imp Jul 2025 #40

This provision DOES move up the insolvency date of the SS trust fund RandomNumbers Jul 2025 #54

Thanks! Ol Janx Spirit Jul 2025 #66

It's an illusion. There's no actual tax cut for SS income. Ocelot II Jul 2025 #29

Then it doesn't affect the SS trust fund like the OP is claiming. n/t MichMan Jul 2025 #30

I'd say that's correct. D. Spaulding Jul 2025 #32

That's correct, except indirectly wrt total tax revenue. Ocelot II Jul 2025 #35

That part is unclear. The Committee for a Responsible Federal Budget says: Wiz Imp Jul 2025 #41

Yes. it does RandomNumbers Jul 2025 #55

Since you get that extra deduction, whether you're D. Spaulding Jul 2025 #31

True, but it's being used to claim that Dear Leader in his mercy has removed the tax on SS income. Ocelot II Jul 2025 #36

It is only applicable to people over 65 MichMan Jul 2025 #39

But there are also millions of people under 65 collecting SS benefits who get no tax breaks at all from this bill. Wiz Imp Jul 2025 #42

Still, it's not connected to SS. A couple million people or so will never get SS Ocelot II Jul 2025 #43

I went back and looked at my taxes from last year, gab13by13 Jul 2025 #47

Yup. That's how it works, but Krasnov wants us all to think that he, in his munificense, Ocelot II Jul 2025 #52

Agreed, but tax might be at a lower rate. OKnow Jul 2025 #65

I have read here numorous times SS isn't doc03 Jul 2025 #49

You are correct RandomNumbers Jul 2025 #56

Wouldn't that be true of any other tax deductions taken by seniors on SS ? MichMan Jul 2025 #73

It doesn't actually change SS funding. Voltaire2 Jul 2025 #57

It is a cut to money going into Social Security, according to this article: CousinIT Jul 2025 #59

The Social Security Fairness Act legislation passed last year did shorten the trust fund solvency MichMan Jul 2025 #63

It's a deduction taken at tax time, not a monthly increase in your check. RandomNumbers Jul 2025 #67

If I currently have taxes withheld from my check, and no longer need to, why wouldn't that be a increase every month? MichMan Jul 2025 #68

Only if you reduce your withholding accurately based on this provision RandomNumbers Jul 2025 #70

My wife and I are retired PCB66 Jul 2025 #69

Saving your 100K+ household $ on the backs of the disadvantaged. RandomNumbers Jul 2025 #71

Not taxing a greater portion of SS has NO ... Dave says Jul 2025 #72

The comments here are fascinating MichMan Jul 2025 #74