By Grand Rapids Anonymous
sunday, may 25, 2025 at 6:05:00 p.m. edt
“big, beautiful bill” will give a few hundred dollars in tax refunds to seniors
“(zh) the one big beautiful bill act, narrowly approved by the house of representatives on may 22, includes a tax break for Americans older than 65 in the form of a temporary deduction of $4,000.
“in lieu of President Donald Trump’s campaign pledge to eliminate taxes on social security benefits, this deduction, called the ‘senior bonus,’ would offer a smaller tax cut, targeted to benefit lower-income seniors.
“the house bill allows seniors, whether they take the standard deduction or itemize their returns, to deduct an additional $4,000 from their taxable income. it phases out for single filers earning more than $75,000, or $150,000 for taxpayers filing jointly.
“the deduction would last from 2025 through 2028. for those who qualify, it would amount to dollar savings of $480 for those in the 12 percent tax bracket, and $880 for those in the 22 percent tax bracket. the deduction reduces taxable income and is distinct from a tax credit, which would be a dollar-for-dollar reduction in taxes.
“Jessica Riedl, a senior fellow at the manhattan institute focusing on budget, tax, and economic policy, told the epoch times that ‘republicans converted the pledge of no taxes on social security benefits into the $4,000 additional senior deduction for two reasons.
“‘first, because congressional rules forbid altering social security or its taxes in a reconciliation bill,’ Riedl said. ‘second, ending social security income taxes would overwhelmingly benefit wealthier seniors, because their benefits currently face higher taxes, and this deduction is instead targeted to lower-earning seniors.
“according to what is called the 1974 Byrd rule, changes to social security-related provisions cannot be included in budget reconciliation bills in the senate and must be enacted through regular legislation, which is subject to a filibuster. no democrat representatives voted in favor of the house bill, which passed 215-214.”
GRA: You take what you can get from politicians.
--GRA
N.S.: Note that democrats and blacks ignore rules, ordinances, and laws with impunity.
Making Social Security fully non-taxable would have given a tax break of $25,000+ to Elizabeth Warren and her cuckband. (You need to think these things through before you speak, Mr. Trump. Combined they take in around $90,000 of Social Security benefits, 85% of that is taxable, and assuming they're in the 32% tax bracket. Under this plan, the few-hundred-dollars benefits is phased out at the Warrens' income level. But The Elderly (TM) will still whine, just like they whine about Medicare drug coverage. Thanks a lot to dopey Rick Santorum who rammed that turkey idea through Congress on behalf of W who gave us nothing but Ls.
ReplyDeleteThe kind-of-okay solution would have been to adjust the taxable Social Security formula for inflation. A better solution would have been to treat Social Security like a retirement plan where the portion you paid in is tax-free and you pay taxes on the earnings. An ideal solution would have been phasing out Social Security by its 100th birthday in 2035.
In any event, a big shout-out to Senator Ron Johnson who seems to be the last stand against this spend-a-holic onebigbeautifulsh*tsandwich legislation. Cooked up in Mama Pelosi tradition: - a thousand-page-plus grab-bag, constantly tweaked, forced through in marathon maneuvering lasting late into the nights with high-pressure arm-twisting. So much for a House that once told us they were all for single-subject spending bills.
ReplyDeleteSTOCK MARKET NOT AFRAID OF TARIFFS ANYMORE--THANKS TO THE "TACO TRADE"(TRUMP ALWAYS CHICKENS OUT)
(business insider)First, it was the Trump trade; now it's TACO. The new meme, first floated by The Financial Times this month, is making the rounds on Wall Street as a blueprint for playing the stock market in 2025.
What is the TACO trade?
It's an acronym for "Trump Always Chickens Out."
As demonstrated several times this year, the stock market has dipped sharply on President Donald Trump's trade war proclamations, but it has inevitably rocketed back up when the president retreats.
In other words, when Trump announces new tariff policies, it might be a good time to buy.
A few months into Trump's presidency, there are several examples of the TACO trade at work.
When Trump issued his sweeping "Liberation Day" tariffs on April 2, the S&P 500 tanked over 12% in the following days. On April 9, Trump announced a 90-day pause, igniting a furious stock rally that included the best day for the S&P 500 in nearly two decades.
Meanwhile, the index has gained over 1% since mid-May, when the White House announced a framework trade deal with China that lowered tariffs for 90 days. The development helped stocks recover all of their losses since the April lows.
The latest example came just last week after Trump called for a 50% tariff on the European Union starting on June 1, which sparked a slide in the stock market that day. Then, over the weekend, Trump announced that he'd delay the tariffs until July 9. The S&P 500 rebounded by nearly 2% on Tuesday as traders returned from Memorial Day.
"I think the only person or entity he listens to is the stock market," Eric Sterner, the chief investment officer at Apollon, told Business Insider. "I think that's a big part of his scorecard — what the stock market does."
On Wednesday, Trump fired back at the assertion that he's backed down in the face of protests by the market, calling the TACO acronym "nasty."
"They wouldn't be over here today negotiating if I didn't put a 50% tariff on," the president said in response to a question from a reporter. "The sad thing is, now, when I make a deal with them — it's something much more reasonable — they'll say, 'Oh, he was chicken. He was chicken.' That's unbelievable."
GRA:Crying wolf,"taco trade"--yes,they've figured him out.
--GRA
He doesn't like being "figured out".
ReplyDelete--GRA