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re: 'You earned it, you keep it act' bill would eliminate taxes on Social Security
Posted on 2/8/24 at 4:46 pm to TigerintheNO
Posted on 2/8/24 at 4:46 pm to TigerintheNO
quote:
raises the cap on SS tax from 168K to 250K
This is wrong. It doesn’t have a cap. It goes from $1 to $168k then 0 from $168k-250k then it resumes paying from 250k+. That’s how it’s generating so much revenue to stop having people pay taxes on SS AND make it solvent for another 20 years AND cut deficit spending by some trillions.
This post was edited on 2/8/24 at 5:00 pm
Posted on 2/8/24 at 5:28 pm to bigblake
It also does not raise the payout so high earners are funding it
Posted on 2/9/24 at 7:59 am to bigblake
quote:
This is wrong. It doesn’t have a cap. It goes from $1 to $168k then 0 from $168k-250k then it resumes paying from 250k+. That’s how it’s generating so much revenue to stop having people pay taxes on SS AND make it solvent for another 20 years AND cut deficit spending by some trillions.
Unless you are like the Bidens and others who can afford good lawyers to avoid taxes. This is not somethig that is available to people who are paid via W2 - only to those with LLCs of legitmate business, and those NOT legitimate in the case of the Bidens.
Joe Biden's tax strategy
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