Tax items in reconciliation bill

[BTS]

There should be no tax on Soc. Sec. at all.   Hopefully they will amend it in the senate.  But I doubt it.  

[Lee B]

1 hour ago, BTS said:

There should be no tax on Soc. Sec. at all.   Hopefully they will amend it in the senate.  But I doubt it.  

This was the reason for the $4,000 increase in the standard deduction for seniors.

 

[Abby Normal]

4 hours ago, BTS said:

There should be no tax on Soc. Sec. at all.   Hopefully they will amend it in the senate.  But I doubt it.  

Someone calculated that only 15% of the Social Security collect is the dollars that you paid in, with another 15% from your employers and the rest is earnings. Hopefully they adjusted for inflation, but that's how we got to 85% taxable. And the tax on Social Security helps keep the fund solvent, which means that the IRS must forward the tax paid on Social Security to the Social Security fund.

[Slippery Pencil]

9 hours ago, BTS said:

There should be no tax on Soc. Sec. at all.   Hopefully they will amend it in the senate.  But I doubt it.  

Amending the Social Security Act requires 60 votes, so there's no way they'll include it in the bill.