While this is an obvious win, im about to write 2 checks totaling almost 40% of my annual income to the government next week so its hard to celebrate. I really hope fixing this egregious theft will be meaningful to us scum lowlife tax chattle. I honestly feel that Trump has a plan to address this and I hope it comes to pass!
As with most things in the Federal tax code it is complicated. Up to 85% of social security benefits are taxable. A three-phase function is used to calculate how much the IRS claws back. It is based on something called "provisional income" which a large number than your adjusted gross income. Provisional income below threshold 1 benefits are not taxed. Between threshold 1 and threshold 2 50% of benefits are taxed at your ordinary income marginal tax rate. Over threshold 2 85% of benefits are taxed at your (possibly higher) ordinary marginal tax rate.
In 2026 the thresholds are $25,000 and $34,000 for single filers. For married filing jointly the thresholds are $32,000 and $44,000. Notably the thresholds are not tied to inflation, so every year the deal gets more raw.
That all clear? No I bet not. The bottom line is that, basically, only if Social Security benefits are you only income are you likely to escape without paying tax on it. If you have any additional source of money coming in such as from an investment retirement account, probably not.
Trump floated the idea of eliminated tax on Social Security benefits. But Defenders of the Swamp flipped out and smothered it. The extra $6000 tax deduction for seniors 65 and older was his way of working around the the resistance, to give retirees some sort of break.
Who the fuck are these 12 million? How many fraudulent bank accounts by politicians or municipal servants.??? And, now you can give is all more of our money back.
💰💰💰💰These thieves aren’t to blame it’s the system, that said, the thieves will go to another government agency to have truck loads of cash given to them, that was stolen by thr government from us the tax payers 💰💰💰💰💰
So that is what. One and a Quarter Billion per biweekly benefit cycle?
So $32B/a year? They just paid for Artemis 2 8 times over.
And News um wants $126B more for the mythical high speed rail project?
How much was he losing on the Hospice Scam? I think he lost close to $30B in the "Fight Homelessness" scam...
I am beginning to think that California has a huge negative IRR and we might want to cancel all future California projects until we get new management in there!
Will the Treasury or taxpayers get any money back?
People have been put in prison for lesser amounts of theft and fraud.
Will the people doing the fraud be punished?
The people enabling it also need to be punished.
While this is an obvious win, im about to write 2 checks totaling almost 40% of my annual income to the government next week so its hard to celebrate. I really hope fixing this egregious theft will be meaningful to us scum lowlife tax chattle. I honestly feel that Trump has a plan to address this and I hope it comes to pass!
I thought we had no tax on SS ? It turns out just $6000 that we dont pay tax on.
As with most things in the Federal tax code it is complicated. Up to 85% of social security benefits are taxable. A three-phase function is used to calculate how much the IRS claws back. It is based on something called "provisional income" which a large number than your adjusted gross income. Provisional income below threshold 1 benefits are not taxed. Between threshold 1 and threshold 2 50% of benefits are taxed at your ordinary income marginal tax rate. Over threshold 2 85% of benefits are taxed at your (possibly higher) ordinary marginal tax rate.
In 2026 the thresholds are $25,000 and $34,000 for single filers. For married filing jointly the thresholds are $32,000 and $44,000. Notably the thresholds are not tied to inflation, so every year the deal gets more raw.
That all clear? No I bet not. The bottom line is that, basically, only if Social Security benefits are you only income are you likely to escape without paying tax on it. If you have any additional source of money coming in such as from an investment retirement account, probably not.
Trump floated the idea of eliminated tax on Social Security benefits. But Defenders of the Swamp flipped out and smothered it. The extra $6000 tax deduction for seniors 65 and older was his way of working around the the resistance, to give retirees some sort of break.
Exactly….this is what it was when I filed my taxes.
Interesting I didn't know that
Can this now be used for the recipients who spent their working years paying into it.
I want to know how many of the 12.3 million scammers are in jail?
Deported would be cheaper.
Substantially. You could buy a one way flight for the cost to the taxpayer of ONE DAY in an american jail.
Cheaper if surplus parachutes are used upon delivery
Even better if we don’t use them. No repeat offenders
Not worth the bad press.
Deport them. Take a DNA test, anyone related is barred from entering the country for ten years AFTER every cent is paid back plus 50% interest.
Who the fuck are these 12 million? How many fraudulent bank accounts by politicians or municipal servants.??? And, now you can give is all more of our money back.
Heartless. Now how is that 142-year-old going to buy food?
That 142 year old probably still has SNAP benefits so at least they won't starve...
So what will happen with all the money that is saved ?
💰💰💰💰These thieves aren’t to blame it’s the system, that said, the thieves will go to another government agency to have truck loads of cash given to them, that was stolen by thr government from us the tax payers 💰💰💰💰💰
So that is what. One and a Quarter Billion per biweekly benefit cycle?
So $32B/a year? They just paid for Artemis 2 8 times over.
And News um wants $126B more for the mythical high speed rail project?
How much was he losing on the Hospice Scam? I think he lost close to $30B in the "Fight Homelessness" scam...
I am beginning to think that California has a huge negative IRR and we might want to cancel all future California projects until we get new management in there!