Tax Bill (aka Reconciliation Bill) Preview Released Friday

[BabyBoomer50s]

I want to believe this is a good thing. Why is it a bad thing? The first people I think of who get tips are waitpersons. I myself get OT every week. I have paid into SS my entire working life. It sounds like it would make it easier on John Q. Taxpayer.

Income is income. Either tax it or don’t. But don’t pretend that income derived from tips, OT, or SS is more deserving of tax exemption than income derived from teaching, building stuff, risking investments in businesses, or anything else.

Social Security is facing insolvency. Revenue is falling short of payment obligations. Eliminating taxes on it will simply shift the burden from people like me who receive SS checks to workers who are paying into the system. Nobody on SS likes paying taxes on that income, but eliminating the tax is only going to exacerbate an already difficult challenge keeping the program solvent.

 

[Typo Fu Master]

Social Security is facing insolvency.

That's not John Q. Taxpayer's fault. I've paid my dues. I'm willing to tighten my belt. But it's money already paid. Otherwise I agree.

 

[BabyBoomer50s]

That's not John Q. Taxpayer's fault. I've paid my dues. I'm willing to tighten my belt. But it's money already paid. Otherwise I agree.

It’s not your fault or John Q Taxpayer’s fault, but it is what it is. There is going to be painful medicine doled out in 6 to 8 years. I don’t like paying taxes on my SS checks but I’d rather do that than pass the burden on to younger generations.

 

[icanhelp1]

It’s not your fault or John Q Taxpayer’s fault, but it is what it is. There is going to be painful medicine doled out in 6 to 8 years. I don’t like paying taxes on my SS checks but I’d rather do that than pass the burden on to younger generations.

SS is still being taxed? What I understand is that seniors will have an increase of $2,000 to the standard deduction to $17,000 total deduction. Maybe I’m missing something?

 

[BabyBoomer50s]

SS is still being taxed? What I understand is that seniors will have an increase of $2,000 to the standard deduction to $17,000 total deduction. Maybe I’m missing something?

Standard deduction for 2025 in House bill is $16K single, $32K married filing jointly. Apparently the no tax on SS proposal did not make it into the House bill because SS can’t go through the reconciliation process.

 

[heathrowinneo]

The tax bill will be the icing on the cake to disrupt the American economy down the road. it's like a ticking time bomb that leaves a yuge mess for the next group coming into office, be it republican or democrat. The mess and problems will be forefront and most will conveniently forget who created this disaster because they will be too busy trying to survive. The amount of debt be adding to the national deficit is staggering. The benefits reaped are for a minority of the population. Going to be bad, real bad.

 

[RobDownSouth]

The tax bill will be the icing on the cake to disrupt the American economy down the road. it's like a ticking time bomb that leaves a yuge mess for the next group coming into office, be it republican or democrat. The mess and problems will be forefront and most will conveniently forget who created this disaster because they will be too busy trying to survive. The amount of debt be adding to the national deficit is staggering. The benefits reaped are for a minority of the population. Going to be bad, real bad.

It somehow managed to achieve the Unholy Tax Trifecta: Tax cuts for billionaires, Medicaid cuts for indigent children, and raise the Federal deficit.