If Dems let Trump tax cuts expire it will soak seniors for $8-9 Billion

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If Dems let Trump tax cuts expire it will soak seniors for $8-9 Billion

Published: Saturday, October 5th, 2024 @ 8:36 pm
By: John Steed ( More Entries )

Seniors face paying an extra $8-9 Billion on their social security receipts if the Democrats succeed in allowing the Trump tax cut package to expire. Kamala Harris and most Democrats want that to happen.

President Trump not only wants his tax cut package to continue, but he also wants to eliminate ALL taxes on social security proceeds. Currently, over half of seniors receiving social security have to pay income tax on it, some on 50% of their social security receipts and some on 85%

Since taxpayers already paid taxes over their working lives on the money that was deducted from their paychecks to pay into social security, this amounts to a highly unfair double taxation. Most countries of the world do not tax similar government-provided pensions at all.

https://www.zerohedge.com/personal-finance/should-social-security-payments-be-taxed

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Rino Hunter said:

( October 7th, 2024 @ 12:15 pm )

Trump's tax cuts benefitted the middle class and even lower middle class. Is your station in life lower than that, Bolshevik Bob. The Democrats pitched a tantrum because the Trump tax cuts were across the board, and more well to do also benefited. But it was the tax cuts for everybody approach that caused our economy to boom as a result.

With the Marxist ideas toward the successful, the Democrats don't mind killing the golden goose if it satisfies their ideological antagonism toward the successful.

And if you are either on social security or expect to be, then Trump's tax cut proposals would benefit you because he wants to end all taxation of social security benefits. That is a highly unfair tax because it is double taxation. Seniors were already taxed on that money when they earned it. Kamala Harris has said specifically that she wants to keep that unfair double taxation.

Big Bob said:

( October 7th, 2024 @ 11:04 am )

I’m not rich enough to take advantage of Trump tax cuts. Are you?

Rino Hunter said:

( October 6th, 2024 @ 4:19 pm )

Jobs report? The Biden-Harris crew have a long history of juicing them to look good, only to admit the real, much lower numbers several months later. Since it is election time, that is even more likely to have happened this time. Wait a few months to get the real numbers!

There are two other things that do come out in the Biden-Harris numbers. Mosr of the new jobs are part time, not full time, and most of the increase is for illegal aliens, not American citizens.

Major foreign bank analsyts have predicted that Harris' tax policies would crush the American economy. But that is likely exactly what the left wants.

As to "hate", I have never seen more of it in one place than at this year's Dmeocrat National Convention.

Big Bob said:

( October 6th, 2024 @ 9:17 am )

Just isn’t true. The economy is doing very well. Read the jobs report. Don’t fall for MAGA lies.

MAGA- they hate everyone

Concerned Taxpayer said:

( October 6th, 2024 @ 9:04 am )

Democrats, especially Kamala Harris, campaign on fluff instead of substance. Their tax plans will soak all Americans. Harris wants to raise corporate taxes, but corporations just pass that on to consumers and it spikes inflation. We are the ones who really pay that tax. On top of that, it will just drive corporations to move overseas, and the US will lose more tax money that way than what it gains from the higher rate. This is a clear example of where far left ideology overwhelms common sense with Democrats.

The worst tax Kamala and her Kamunists have proposed, however, is the tax on unraalized capital gains. That means that if something you own, like your house, goes up in value with inflation, you have to pay income tax on that, even though you have not sold it.

One other example of the absolute economic illiteracy of Kamala and her Kamunists is her plan for price controls on food. Everywhere that has been tried it was resulted in rationing and breadlines. Ask a Venezuelan or someone who lived through the old Soviet Union.

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