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re: No tax on Social Security in big beautiful bill; What happened to that?
Posted on 6/4/25 at 5:03 pm to FLTech
Posted on 6/4/25 at 5:03 pm to FLTech
quote:
SS was not allowed in the Big Beautiful Bill - I am not sure the reason why but it was not allowed due to some oversight BS or something like that - this will be a separate piece of legislation
It was not included because it is massively underfunded. If you get SS but don’t “need” to, they are going to get money out of you. And by need I mean if you don’t want to live on strictly SS.
I look at lots of tax returns, social security is considered everywhere in the tax code. They weren’t going to just give up the taxes on it.
0
Posted on 6/4/25 at 5:03 pm to HubbaBubba
quote:
Not ever. All FICA withholdings are not taxed. When you look at your W2 statement you'll see gross wages and net wages. You are taxed on net wages.
Ummm...... Just... umm.......
This post was edited on 6/4/25 at 5:05 pm
Posted on 6/4/25 at 5:16 pm to PlanoPrivateer
quote:
What? Maybe I don't understand what you are trying to say. If you gross $1,000 and they withhold $62 for SS, your federal income tax is based on the gross of $1,000 not based on $938 ($1,000 - $62). Am I wrong?
Yes, you are wrong. SS taken out reduces your taxable income.
Posted on 6/4/25 at 5:27 pm to sc2anni
quote:
We already paid in when we were working.
Did you though?
Posted on 6/4/25 at 5:38 pm to Auburn80
quote:
Yes, you are wrong. SS taken out reduces your taxable income.
No, it doesn’t.
This can basically be proven by the fact that the deductible portion of self employment income is 1/2 of the tax, the employer side. The employee side is not deductible.
Posted on 6/4/25 at 5:40 pm to Auburn80
quote:
Yes, you are wrong. SS taken out reduces your taxable income.
Do not listen to Grok and ChatGPT here. They are not accurate.
FICA taxes do not reduce your taxable income one iota.
Posted on 6/4/25 at 5:42 pm to sc2anni
Lord knows I am not defending the lying congress critters but Ron Johnson said it could only be implemented in the formation of taxes.
So 62 to 65 year olds on SS, get a 3 to $4000 tax write off. Or some such thing.
I hate trusting them because they are pigs but it is what it is...
I have learned to never believe them or count on anything.
So 62 to 65 year olds on SS, get a 3 to $4000 tax write off. Or some such thing.
I hate trusting them because they are pigs but it is what it is...
I have learned to never believe them or count on anything.
This post was edited on 6/4/25 at 5:44 pm
Posted on 6/4/25 at 6:20 pm to cajunangelle
Do us older farts get the same deduction? In my 77th year now and can use any help I can get.
Roughly 95% of DC could go tits up and I wouldn't shed a tear. D's and R's
Like you said I am not counting on anything.
Roughly 95% of DC could go tits up and I wouldn't shed a tear. D's and R's
Like you said I am not counting on anything.
Posted on 6/4/25 at 6:37 pm to HubbaBubba
quote:
No. You don't pay tax on FICA withholdings. The rationale for taxing SS payments is right there. I don't have to like it, but I understand why.
I think you’re wrong about this, aren’t we taxed on gross earnings (which includes all withholding)?
Posted on 6/4/25 at 6:39 pm to FLTech
quote:
I am not sure the reason
Probably too big of a hit on the revenue end
Posted on 6/4/25 at 7:03 pm to sc2anni
What you should also be pissed about is the "No tax on tips", and "no tax on overtime" are not only income capped but not a "no tax" on anything. It's a tax credit. So, if someone happens to work ot and make 160001 they take the full tax hit.
No taxes means no taxes.
The talking points are as fraudulent as they could be.
I'm as team Trump as an anyone. Literally love the guy.
He is failing us here.
What's worse, is they lie about what it is.
No taxes means no taxes.
The talking points are as fraudulent as they could be.
I'm as team Trump as an anyone. Literally love the guy.
He is failing us here.
What's worse, is they lie about what it is.
Posted on 6/4/25 at 7:14 pm to Usmc
Tell me about it... Seems like they all go to liar's school when they hit DC.
Like Judge Judy says about teenagers. " When their lips are moving; they're lying".
Like Judge Judy says about teenagers. " When their lips are moving; they're lying".
Posted on 6/4/25 at 8:31 pm to Kattail
quote:
I think you’re wrong about this, aren’t we taxed on gross earnings (which includes all withholding)?
He is and we are. Well, some 401K plans and Aflac plans and things like that can reduce your taxable income, but SS is NOT one of those things.
SOme things like employer paid health insurance premiums, employer contributions to HSA's and Retirement plans will reduce your social security wages, but absent those things, your social security wages and your gross wages are generally the same until you max out on social security wages.
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