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. 

 

 

 

 

[Catherine]

On 5/31/2025 at 10:25 PM, JohnH said:

By far my favorite satire site is The Babylon Bee.

For the most part, the articles there are superfluous; most of the giggles come from the headline. Love the barcode idea!  (Wasn't it Heinlein who claimed that an "honest" politician is one who stays bought by the initial buyer?)

[JohnH]

"We had the local politician over for dinner.  The louder he talked of his honor, the faster we counted our spoons."

[BTS]

On 5/31/2025 at 10:25 PM, JohnH said:

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. 

 

 

 

 

Some may remember back in the 70's when bar codes first came out that many thought it was "The Devils Work".   The precursor to the mark of the beast.  Some thought it was the mark.  Crazy times back then, but we all know that many times this shit comes true.

[JohnH]

15 hours ago, BTS said:

Some may remember back in the 70's when bar codes first came out that many thought it was "The Devils Work".   The precursor to the mark of the beast.  Some thought it was the mark.  Crazy times back then, but we all know that many times this shit comes true.

Well, it clearly wasn’t bar codes. Now we have advanced to QR codes. And we have to use QR codes to set up MFA just so we can log into our software.  That’s clearly the work of the devil.

[Lee B]

How can you tell if the QR code you are using is legitimate or a scam?

[Catherine]

3 hours ago, JohnH said:

 That’s clearly the work of the devil.

But not the Mark of the Beast, as that is both voluntary and includes some level of worship.

[Catherine]

3 hours ago, Lee B said:

How can you tell if the QR code you are using is legitimate or a scam?

GOOD question and one reason I detest those %^&Y* things.

[Abby Normal]

4 hours ago, Lee B said:

How can you tell if the QR code you are using is legitimate or a scam?

You can't which is why it's advised to never scan one out in public.