pull down to refresh

Trump Tax Plans Could Exempt 93 Million Americans From Income Taxeswww.cnbc.com/2024/10/21/trump-income-tax-plans-exempt-93-million-americans-harris-election.html
238 sats \ 10 comments \ @Cje95 21 Oct news
The headline is a little misleading in some aspects but not entirely off the mark.
Trump has proposed eliminating taxes on tips and Social Security benefits, and has also said he would think about exemptions for firefighters, police and military personnel.
I think taxing Social Security benefits is one of the dumbest moves imaginable because these are for people not in the work force and aimed at those retiring!
The breakdown of the 93 million is as follows
  • Roughly 68 million Americans receive Social Security benefits each month,
  • Roughly 4 million workers in tipped jobs
  • Roughly 18.6 million living veterans
  • 1.3 million active-duty military personnel
  • 800,000 sworn law enforcement officers and roughly 500,000 paid firefighters
This 93.2 million total excludes people who in the proposal wouldn’t be taxed on overtime as well…
Do I think this would happen at least these next 4 years factoring in a Trump win… highly doubtful but I think there are some great ideas starting with Social Security benefits being taxed and military/first responders being taxed. There should be some sort of exception to lower hits to the jobs we need people in. Lower taxes would certainly help with that!
write
preview
this territory is moderated
related posts
10 sats \ 4 replies \ @Bell_curve 21 Oct
47 percent in America don’t pay income tax!
reply
21 sats \ 3 replies \ @Cje95 OP 21 Oct
Isn’t most of that illegal though? So I guess this would just make it legal 😅
reply
0 sats \ 2 replies \ @Bell_curve 21 Oct
Because of exemptions and deductions in a graduated income tax system, almost half of the country does not pay income tax.
Should Mitt Romney have said 93 million instead of 47 percent?
harsh truth: 47 percent of the country consists of parasites
reply
21 sats \ 1 reply \ @Cje95 OP 22 Oct
Not sure where what Rome ey has to do with this? His name isn’t mentioned at all?
Also the 47% point is a myth… it just isn’t true. Social security taxes are income taxes and you can’t get out of them.
https://www.brookings.edu/articles/five-myths-about-the-47-percent/
reply
0 sats \ 0 replies \ @Bell_curve 22 Oct
47 percent is a reference to 2012 campaign. A bad joke.
Social Security and Medicare taxes are deducted from income but counted separately
Edit: 47 percent refers to federal income tax only
Brookings presents zero relevant statistics 📊 or figures or quantitative evidence to debunk the myth of 47 percent
If your income is below 40,000 bucks you will not pay any income tax. Maybe it’s 35,000. I forget the threshold.
I have heard other economists echo 47 percent or almost half.
The solution is a flat tax of 19 percent or the highest bracket should be 25 percent
Eliminate payroll taxes. Privatization of social security and Medicare. Eliminate Medicaid which is a handout for parasites
reply
0 sats \ 4 replies \ @justin_shocknet 21 Oct
Take nothing literally, remember everything we see is scripted and we're between warring psyops. It's relevance lies in the extent to which he's moving the Overton window, and he's very clearly moving it toward eliminating income taxes on american workers altogether.
This is happening simultaneously with it being in the public eye that government just prints money anyway to keep the financial system operational.
Bannon has long said that financial nationalism as a pillar in all this, because the dollar being a world reserve fiat currency is a national security issue in countless ways.
All roads lead to Bitcoin. Patriots in control.
reply
17 sats \ 3 replies \ @Cje95 OP 21 Oct
Yeah all roads do lead to BTC! This whole legislative package, if they even put it all together, really wouldn’t stand a chance of making it through the House and Senate. Some ideas like the no taxes on tips are supported by both candidates but the others are much more out there.
reply
0 sats \ 2 replies \ @justin_shocknet 22 Oct
Just happened upon this... he goes as far as talking about the 1890s when we had no income taxes
reply
17 sats \ 1 reply \ @Cje95 OP 22 Oct
If you had told me Trump was going to pull a historical reference card I would have told you there is no way but all he damned there it is!
reply
0 sats \ 0 replies \ @justin_shocknet 22 Oct
Lots of mutual respect between him and Ron Paul, Rand has been an important ally... mix in some Bannon as national security advisor and you've got full spectrum financial nationalism
reply