Exclusive: Tommy Tuberville Bill Will End Taxes on Social Security Benefits, Delivering on Key Trump Pledge
Sen. Tommy Tuberville (R-AL) introduced legislation Wednesday to write into law one of President Donald Trump's key campaign pledges, Breitbart News can exclusively reveal.
Being taxed on Social Security benefits is and always has been an absolute slap in the face to those who worked long enough to earn their keep after paying into it for so long. You're not allowed to collect SS benefits until you reach minimum age of at least 62 years. Even then, you've paid taxes all your life AND had your SS contributions withdrawn each paycheck, for decades before that.
SS needs to be treated like a ROTH IRA
https://www.investopedia.com/how-roth-ira-taxes-work-4769988
So, I agree with Tuberville. Like a Roth investment account, no taxation should also apply to Social Security. The whole point is to defer the funds until legally eligible under administrative rules. Considering the fact that it's to support seniors in their post-work days, we need to remove the tax burden on these already income-limited individuals.
Now do property taxes. Those are hurting seniors terribly. Some are losing their houses.
From the article,
Sen. Tommy Tuberville (R-AL) introduced legislation Wednesday to write into law one of President Donald Trump’s key campaign pledges, Breitbart News can exclusively reveal.
Tuberville and Sen. Tim Sheehy (R-MT) introduced the Senior Citizens Tax Elimination Act to stop the unjust double tax on Social Security benefits.
“Seniors work the majority of their adult lives so that they can spend their retirement comfortably,” Tuberville said in a statement to Breitbart News ahead of the bill’s introduction. “In a day and age where the cost of living has skyrocketed, our seniors should not experience a second tax on their Social Security, when they’ve already paid income tax on their paychecks.”
The Senior Citizens Tax Elimination Act would amend the Internal Revenue Code of 1986 to terminate the inclusion of tier I railroad retirement benefits and Social Security benefits in an individual’s gross income. As Tuberville’s legislation takes effect, seniors’ tax liability will be significantly reduced and the “double tax” on seniors’ federally earned benefits will end.
Let's watch Dems oppose it
This will be nice, how many times must we pay taxes on it? When we earn it then again when it's time to get it. Did we make any interest on it for the 45 or 50 years it was sitting in the pot - no.
If the government hadn't "borrowed" (ie stolen) from it and started SSI (900+ a month + free medicaid) for everyone who never worked because of addiction or other life choice reasons it would still be viable for future generations.
Now look at the Medicare tax scam. You and your employer are forced to pay Medicare taxes for 50 years. When you are forced onto it, you pay a monthly premium (now $185, I think). And a Part D drug premium varies based on your meds. So estimate around $200 a month after paying taxes for 50 years! If you want good medical insurance, you have to get a supplemental plan for another $150. Advantage plans are usually ´freé but have major issues. And, if you have a 401K, you can run into issues with the RMD rules at 73 years old and end up paying the Medicare IRMAA penalty alongside with the higher tax bracket that the government RMD has forced you into. So, the government penalizes you for doing the responsible thing that they told you to do while spending our tax dollars on foreign nations and subsidizing private businesses like Politico and NYT!
👏👏👏👏👏👏👏👏👏👏👏🇺🇸🇺🇸🇺🇸🇺🇸
get it done
RINO watch. Let’s see if anyone on the right side of the aisle makes excuses to not support this. Mitch, we’re watching you.
Awesome…get it passed