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.

[Lee B]

Articles in both Bloomberg Tax and the Tax Foundation say the Bill closes use of the PTET deduction by SSTBs.

It also restricts the use of the 199A deduction by SSTBs.

As a result the AICPA is putting a major emphasis on getting the Senate to remove these changes!

Are we having fun yet

 

[BulldogTom]

3 hours ago, Lee B said:

As a result the AICPA is putting a major emphasis on getting the Senate to remove these changes!

Are we having fun yet

I think they call it the sausage making in DC.   I call it Halloween - Senators go to the doors of lobbyists and hold out a bag looking for cash to be put in.   The more cash the AICPA can put in the senator's candy bag, the more chance the senator will make changes to the sausage recipe.   Not appealing to watch....

Tom
Longview, TX

[JohnH]

By far my favorite satire site is The Babylon Bee.  A recent parody news story pictured one of them with a bar code on their head with the following explanation 

“To make purchasing congresspeople easier and faster for lobbyists, congresspeople will now have barcodes printed on their foreheads to be conveniently scanned at newly installed self-checkout machines.”

The article in and of itself is funny, but the video “News Bulletin” is hilarious. I’d post a link, but it probably violates a few terms of our forum.