No more taxes on Social Security benefits
When you first hear about this, it sounds like good news, right? This is even more true when we look at the analysis made by the Tax Foundation, which estimates that the average retiree could have their annual tax bill reduced by $623!
But we should also consider what experts are saying and don’t be blinded by the money. They say that even if Trump wants to help people get more money, this can have negative long-term implications.
The funds for Social Security and Medicare rely on the revenue generated by taxes. If this funding source disappears, insolvency might become a reality, and this means you will end up with reduced benefits. According to the Tax Foundation, the Social Security trust fund depletion date could move up from 2035 to 2033, while Medicare’s insolvency could occur six years earlier, in 2030.
Furthermore, some financial consultants warn that the removal of benefit taxes may encourage higher-income seniors to take more from their retirement funds, putting extra strain on the government’s budget.
8 Responses
I have always been under the impression that the next generations taxes are what pays for this generation of retirees so if thats true then the current retirees now should not be paying taxes.
Also why should they be paying taxes on the money thats already been taxed that is owed to them for paying into the system with their taxes for all those years prior with their money that they earned and was taxed already ?
I sure hope that he doesn’t take away income from our retirement or Social Security! With food prices and Heath care expenses so high the people of The USA are already having a difficult time with just buying food! I’m going through rough times right now with losing my husband of 39 years and my income I go without food . This country needs more Not Less. I don’t think Trump has ever gone HUNGRY! SO Mr. PRESIDENT Donald TRUMP please think about it before you take our retirement income down! We need an increase.
What does this article accomplish? It does not answer the question it asks. Instead, it just gives one more worry and questions. Not informative. Just confusing.
Easy Seniors Club fear mongering against Trump agenda.
I am a 65 year old person on a fixed SSDI income and don’t get enough money already from Social Security to live on and I do Not have any penchant for a job retirement I just get 22K a year a year from Soc Sec. and that’s all I get plus $45.00 in food stamps EBT a month I he cuts benefits I don’t know what I will do.
I DO NOT AGREE with POS idea to change Social Security. Reasons; how is this going to affect people who are on Physical Disabilities???? Mental Health Disabilities???? There are SO MANY PEOPLE who are Mentally AND Physically Disabled!!!
How does (DUMB ASS) propose to do this??? I am retiring in a couple of days. I am looking forward to NOT HAVING TO WORK!!! Unless, I chose to!!!
This POS DOES NOT CARE about ANYONE, but itself!!!! And, wanting to RUN this Country INTO the GROUND!!
The ONE thing it cares about IS MONEY and NOT EVER paying FOR ANYTHING!!! And, being king…😡
Or, hand it over to its Butt Buddy; putin????? it IS A DISGRACE to the United States of America!!!
It should have been CONVICTED of its CRIMES and PUT IN JAIL!; when it tried to OVER THROUGH the GOVERNMENT on JANUARY 6th!!!!!
Let”s see the issues in what Trump wants to make happen before we see all the maybe bad this that could happen.
any money drawed out that has not paid tax on should b taxable. There is to many loop holes to avoid paying taxes. They only help the rich not the poor. Cost of living raises should be the same for everyone, not a % of everyones benifiet. again this only helps the rich (who dosen’t need it) and the poor keep geting poorer.