Oh, good. Trump speeds up depletion of SS
- Thread starter LotusBud
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Admin.
Person, woman, man, camera, tv.
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But it'll trickle down to us eventually though, right?
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"Starting in 2025 and running through 2028, anyone 65 or older can claim an additional $6,000 deduction. The amount is also counted per eligible individual, so two qualifying spouses can claim $12,000 combined. The deduction phases out above $75,000 in modified adjusted gross income, or $150,000 for couples filing jointly."
So Miss Lotus want to steal money from old people on fixed incomes. What a greedy, hate-filled bitch. She's got hers, living in her rehabed 1000 year old Portuguese Villa worth millions of dollars, so fuck everyone else.
She's worse than Trust Fund Boy SeaSlopeyMajor who never worked a day in his life.
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Did she say that?
I would bet she lives in a shack worth about $50K. People move to Portugal because it is cheap.
Onto the article.
"The report also points out that two-thirds of the benefits of this new deduction would flow to families with incomes between $80,000 and $270,000, citing the Tax Policy Center."
I suspect that the vast majority of retired couples are earning over $80K, so it makes sense that most of the deductions would "flow" to them.
A pea-brain like LotusButt just sees the higher number and thinks "Damn all those bastards earning $270K!!!"
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Average and Median U.S. Household Income
The average U.S. household income is $126,700, while the inflation-adjusted median household income is $87,460, according to the latest data. []
The median figure represents the exact midpoint where half of households earn more and half earn less, making it a more accurate measure for a typical American household than the average, which is pulled higher by top earners. []
Income Breakdown by Demographics
Key Income Metrics in the U.S.
Factors That Change Income
The average U.S. household income is $126,700, while the inflation-adjusted median household income is $87,460, according to the latest data. []
The median figure represents the exact midpoint where half of households earn more and half earn less, making it a more accurate measure for a typical American household than the average, which is pulled higher by top earners. []
Income Breakdown by Demographics
- By Race and Ethnicity (Median)
- Asian American: $126,300
- White (Non-Hispanic): $96,710
- Hispanic: $73,260
- Black: $59,980 []
- By Education Level of Household Head (Median)
- Bachelor’s Degree or Higher: $161,700 (approximate family baseline)
- High School Graduate (No College): $74,740 []
- By Number of Earners
- No Earners: $50,810
- Single Earner: $71,720
- Two Earners: $142,200
- Three+ Earners: $163,400 []
Context & Financial Reality- Taxes: After federal, state, and payroll taxes, the typical U.S. household disposable income is $76,060.
- Regional Differences: Incomes trend higher in the West and Northeast regions compared to the South and Midwest.
- The Squeeze: Despite record-high nominal and real median incomes, many households report feeling financially strained due to elevated costs for housing, groceries, and utilities. [, , ]
- By Race and Ethnicity (Median)
Key Income Metrics in the U.S.
- Average Individual Salary: $69,846.57 (total wages divided by the number of workers).
- Median Personal Income: Real median personal income is approximately $46,960 per year (Federal Reserve Bank of St. Louis).
- Median Household Income: Reached a record $87,460, according to recent U.S. Census Bureau data.
- Per Capita Personal Income: Historically around $68,550 when factoring in all sources of personal income (wages, investments, and government transfers) divided by the total population. [, , , , ]
Factors That Change Income
- Location: States on the East and West Coasts (like Massachusetts and New York) tend to have higher average incomes than states in the South. [, , ]
- Education: Higher degrees heavily increase earning potential, ranging from basic high school credentials up to professional and doctorate degrees. []
- Averages vs. Medians: Averages are often skewed higher by very high earners or multi-millionaires, making median figures a more realistic look at typical earnings. []
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It is nice of Holiday to do some research.
I wonder if he will be able to find the relevant data.
I wonder if he will be able to find the relevant data.
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The report also points out that two-thirds of the benefits of this new deduction would flow to families with incomes between $80,000 and $270,000, citing the Tax Policy Center.
According to the report, this cohort of upper-income Americans represents "only a quarter of people over 65."
Meanwhile, the policy reduces Social Security's revenue by $30 billion
annually, putting strain on the program's solvency. This is bad news considering that the underlying trust fund is now on course for depletion by 2032, according to the Social Security Administration (3), which could result in a benefit cut for all beneficiaries.
Cherry pick much, Ragtardo?
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Do proper research, Holiday.
Go find the report by The Center on Budget and Policy Priorities and at least quote from there, not some third or fourth hand interpretation of the report.
You are so lazy.
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Oh look! Holliday is succumbing to base Envy ... AGAIN.
Are you afraid all those rich retirees won't be paying their "fair share?"
Fucking Leftist Scum.
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You unfairly tried to skew Lotus' article.
It clearly states that 2/3 of the benefit would go to the to 1/4 of recipients.
Admit it, Reggie, you tried to lie about that.
Lotus was 100% correct in her assessment according to the article.
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I didn't lie about anything. You Lefties whine and moan and bitch that retirees get a bit of a tax break because some of them might be the "evil rich" and they have to pay their "fair share."
Every single thing comes down to base Envy for you people. Why is that, Holliday?
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There is no envy on my part. I'm only stopping you from misstating facts (cherry picking) in the article that the OP posted.
Did you hear me say I want what anyone else has? No...because it isn't at all part of my philosophy, and further to that, most people never aspire to acquire anything of real value anyway. They foolishly do nothing but pursue material wealth, power, notoriety or acknowledgement for things such as sharing their table scraps with the hungry. Is that their bid for a seat in heaven? LoLz. No, you see in my philosophy I have nothing but what I have earned and am not owed anything more, and when it comes to material possessions, I often feel burdened by too many.
Perhaps I will donate them to the homeless and notify the Vatican.
Will the Pope award me the key to St Peter's?
Oh how I hope so.
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So what's your point? Are you saying that retirees who "make too much" have to "pay their fair share?" Is that your envious point, Holliday?
Again, what is your point here? All I hear from Leftie America Haters is that it is somehow "bad" that retirees who "make too much" will get a tax break. Why do you give the slightest fuck if a retiree who earns $100k gets a small tax break on their SS benefit?There is no envy on my part. I'm only stopping you from misstating facts (cherry picking) in the article that the OP posted.
Did you hear me say I want what anyone else has? No...because it isn't at all part of my philosophy, and further to that, most people never aspire to acquire anything of real value anyway. They foolishly do nothing but pursue material wealth, power, notoriety or acknowledgement for things such as sharing their table scraps with the hungry. Is that their bid for a seat in heaven? LoLz. No, you see in my philosophy I have nothing but what I have earned and am not owed anything more, and when it comes to material possessions, I often feel burdened by too many.
Perhaps I will donate them to the homeless and notify the Vatican.
Will the Pope award me the key to St Peter's?
Oh how I hope so.
If it's not ENVY from you Leftists, then what are you bitching about?
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What is the thread title?
. Do we know what the thread is about?
Do we understand how SS Retirement Benefits are funded?
Main Financing Sources
- Payroll Taxes (FICA): Workers and employers each pay 6.2% of wages; self-employed individuals pay 12.4%. []
- Taxable Maximum: Taxes apply up to an annual wage cap of $184,500 in 2026. []
- Trust Funds: Surplus taxes go into the and earn interest on U.S. Treasury bonds. [, ]
- Income Taxes on Benefits: High-income beneficiaries pay federal income taxes on a portion of their benefits, which are cycled back into the funds. []
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