The Senate voted on and passed “A bill to provide for reconciliation pursuant to title II of H. Con. Res. 14.”, fuckin’ got 'em Chuck!
1 Like
5 Likes
Boy he’s really raising hell down there.
1 Like
2 No votes, both predictable. GJGE Elon.
https://x.com/JakeSherman/status/1940840849170174357?t=5-ChLJmqvLm-Bxcvl_Bhng&s=19
Really makes you feel like you’re part of history . meme
1 Like
Yeah I feel like the no tax on tips was a nice soundbite that will have zero effect on 99% of people since so many servers and the like aren’t declaring shit.
It’s just like the 90% deduction on gambling losses thing, where most people here who still play are like “lol I’ll just fudge the numbers so it comes out the same” or “wait, you declare your winnings?”
Don’t restaurants report a percentage of sales as tips? At least on credit cards?
I assume they do, but even if they do, do they have anyone working at the IRS to reconcile that shit?
Social Security Administration
Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors
The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.
The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.
“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned."
The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.
Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.
1 Like
I clicked Report Spam, hope I don’t miss something important later. 
3 Likes
Got the same email. No mention that this will deplete the trust fund more rapidly.
1 Like
You’re the only one who won’t get the virus by opening the email.
1 Like
Is there actually anything in the bill for Social Security?
don’t think there is
this letter is probably just them not having a clue rather than straight up bullshit, which is also something they’d totally do
The phrase “Social Security” appears over 90 times in the BBB. AFAICT none of those cases relates to taxes on benefits. The way they did it is to give people 65+ an extra $6000 deduction. This bit is in a section which does not mention Social Security.
(C) Deduction for seniors.–
``(i) In general.–In the case of a taxable
year beginning before January 1, 2029, there
shall be allowed a deduction in an amount equal
to $6,000 for each qualified individual with
respect to the taxpayer.
The claim that 90% of beneficiaries won’t pay taxes on benefits is misleading in that even if this bill hadn’t passed, 40-50% would not have owed taxes on benefits anyway. So the poorest people benefit zilch. (And in fact the poor will get screwed extra hard when the trust fund is depleted early because of this tax deduction if nothing is done to address the problem, which, who tf knows.)
1 Like
They also rounded up to 90%, from 88%. I wasn’t going to mention that but pikachu needs a little more shock.
After a bit of research, I think this is the best line item breakdown of the bill.
Then this article from CNBC broke a few of these out into smaller explainers. There are a few things that stood out to me.
- No tax on overtime and tips up to a certain point both seem good. I mean, I don’t think I’ll be tipping very much anymore, but I have really scaled it back since Seattle minimum wage bumped to $20.76 at the beginning of this year.
- Implementation of the no tax on car loan interest is really stupid. You can deduct up to $10k in interest per year, but like what kind of cars even have that much interest? Oh, it’s like $100k cars, gotcha. I guess this will help fuel an even more car-centric society.
Lower federal student loan limits, fewer benefits. For one, they are increasing Pell grants which is good, but probably to whites only or something. The Bad is that I think we’re going to continue to have supply issues in healthcare with doctors if the maximum amount of loans they can pull out is $200k. Maybe this helps bring back some of the cost of universities, but it will be a jolt to the system in the short term.
- Increased flexibility within 529 plans to pay for up to $10k K-12 related expenses like books, educational materials, fees for standardized tests, and some therapies for students with disabilities, if this old article is up to date (How Trump’s 2025 Budget Reconciliation Bill Could Reshape 529 Plans)
- “Trump Accounts”. I think this all sounds pretty good though and is a rival to 529 plans. It is a little more flexible in that it can be used to start a business or buy a house and has a stupid name. As soon as this is signed into law, this mother fucker owes me a $1000 is all I know.
The tax bill would establish child savings accounts, called MAGA or Trump accounts, and provide a one-time $1,000 government contribution for new accounts opened for children born between Jan. 1, 2025, and Dec. 31, 2028.
Taxpayers will be able to contribute up to $5,000 of their own money each year to these accounts, which can grow tax-deferred until the child withdraws the money at 18 or older.
Withdrawals of earnings used for qualified expenses, such as eligible expenses for college, a first home or starting a business, would be subject to long-term capital gains taxes. Earnings withdrawn for nonqualified expenses before age 30 would be subject to income taxes and a 10% penalty.
- Increased HSA contribution limits and flexibility for withdraw according to this article, it mentions some details like “The tax bill would double the health savings account contribution limits for individuals who earn less than $75,000 per year, or for joint filers earning less than $150,000.” and “The House bill would also expand HSA eligibility rules to cover gym memberships and other eligible physical activity programs. Singles would be able to withdraw up to $500 per year tax-free (up to $1,000 for families) to pay for membership at a fitness facility or participate in physical exercise or physical activity programs.” so that seems like a win, if you even lift.
- TEMPORARY Senior “bonus” deduction that @devil mentioned. On the whole, probably a good thing, but I hate the fucking handout to Boomers. And because this is a big handout, it is going to be so painful when it expires in 2029 or whatever, making it a huge political bargaining chip.
I’m sure some things are wrong here and I definitely missed some shit, but they had to pass it so we could see what was in it.
1 Like
It’s even stranger than this:
- The car has to be reasonably expensive to generate anywhere close to the full deduction.
- The deduction starts to disappear for those earning $100k ($200k for couples)
- The car has to be built (final assembly) in the US
So like middle income to upper-middle income people stretching their budget to buy Corvettes or Cadillacs at unattractive interest rates?