Seniors get a $6000 bonus exemption

9,022 Views | 145 Replies | Last: 9 days ago by halfastros81
Furlock Bones
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More boomerfare. Conservative republicans continue to be as dumb and useless as dems.

No Spin Ag
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And the rest of us?
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
MemphisAg1
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I don't like it... more picking winners and losers from Trump and Congress.

But let's be honest about it... it only applies to singles making <$75k/yr or couples <$150k/yr.

Doesn't apply to all seniors.
CanyonAg77
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As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.
zephyr88
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Uhhh, what's the exact age of a "senior'.... asking for a friend...
Owlagdad
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Average tax savings is $670.
Furlock Bones
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CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now. But let's give the wealthiest class a little extra.

The boomerfare has to stop at some point.
MemphisAg1
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Furlock Bones said:

But let's give the wealthiest class a little extra.

Again, I don't like it and would prefer it didn't exist.

But come on man... you're distorting facts in your attempt to broadly target older people.

This applies to singles <$75k or couples <$150k... hardly wealthy.

At least be honest with your attempt to smear all old folks.
FIDO*98*
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MemphisAg1 said:

I don't like it... more picking winners and losers


100%. Flat income tax + national sales tax + reciprocal tariffs.

Everyone pays and we vote on policy instead of who gives me more
Fireman
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Yay - Boomers steal $30+ trillion from future generations, what's another $95 billion.
MemphisAg1
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FIDO*98* said:

MemphisAg1 said:

I don't like it... more picking winners and losers


100%. Flat income tax + national sales tax + reciprocal tariffs.

Everyone pays and we vote on policy instead of who gives me more

Yes to flat income tax for everyone with an income above the poverty level.

No to a national income tax.

Yes to "reciprocal" tariffs if we actually mean reciprocal... not Trump's definition of reciprocal (trade imbalances).
Psycho Bunny
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No Spin Ag said:

And the rest of us?

No soup for you.
Whether I get life's question right or wrong free will is an illusion.
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Are we dreaming of life or is life dreaming of us.
one safe place
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Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now. But let's give the wealthiest class a little extra.

The boomerfare has to stop at some point.

My three children and the friends of theirs that I know pretty well are "young career and family starters" and are doing quite well.

Many boomers are retired. Are you for closing the two largest individual tax breaks which happen to primarily benefit the "young career and family starters" group?
zephyr88
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Quote:

This applies to singles <$75k or couples <$150k... hardly wealthy.

Damn... yet another handout afforded by those of us who pay taxes.
MemphisAg1
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zephyr88 said:

Quote:

This applies to singles <$75k or couples <$150k... hardly wealthy.

Damn... yet another handout afforded by those of us who pay taxes.

Yep, I'm the taxpayer here and not the receiver even though I'm a boomer.

We need to fundamentally reset government to eliminate the picking of winners and losers.

Flat tax. No exemptions. Only carve out is for those below the poverty line.

No senior bonuses. No college loan forgiveness. No double-dipping with SNAP and free school lunches. No hedge fund favorable tax treatment (cap gains instead of income tax). The list goes on and on...
Ervin Burrell
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No Spin Ag said:

And the rest of us?

"**** you, got mine."

-the boomer motto
Rossticus
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No Spin Ag said:

And the rest of us?


Bend over and I'll show you what we get.
Davanji84
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MemphisAg1 said:

FIDO*98* said:

MemphisAg1 said:

I don't like it... more picking winners and losers


100%. Flat income tax + national sales tax + reciprocal tariffs.

Everyone pays and we vote on policy instead of who gives me more

Yes to flat income tax for everyone with an income above the poverty level.

No to a national income tax.

Yes to "reciprocal" tariffs if we actually mean reciprocal... not Trump's definition of reciprocal (trade imbalances).

Amen!
91AggieLawyer
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Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now. But let's give the wealthiest class a little extra.

The boomerfare has to stop at some point.


This is just absolute BS. It was plenty hard during the depression and even in years before that. My grandparents were sharecroppers in rural Central Texas until they could finally afford to buy some land in their early 40s. A year later, their house burned. My GF had to quit school, not because he was a hood but because he HAD to go to work and support himself and part of his family. My GM and my dad both finished HS but worked before, during, and well after. Going to college was unthinkable for either one.

In spite of my GF raising cattle when he finally got his land, meat was a delicacy. Meals were often bread, whatever vegis were in season, and 3 or 4 times a week some form of meat. No TV, no phone, little in the way of transportation and forget buying clothes. My GM mended what they wore out.

My parents' standard of living was better but in the 50s and 60s, not by a whole lot. Yeah, they bought houses. SMALL houses that my dad had to do some work on in order for them to get financed. Yeah, houses were cheap, gas was cheap, and utilities weren't that much. But neither were salaries. My dad, a middle manager, didn't make $10K until the early '70s and my mom, a teacher, didn't make that until at least half a decade later. Raising 3 kids on their take home wasn't easy. The side hustle of the day was a second job sacking groceries or maybe tutoring for **** money. There was little to no access to debt and getting a mortgage required giving a whole body's worth of blood.

So yes, it HAS been harder for young "career" and family starters than now. Its just a different kind of hard now. You may not be living large, and you may have to live or work in places you don't want to live or work, but the opportunities are far better today.
Over_ed
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Fireman said:

Yay - Boomers still $30+ trillion from future generations, what's another $95 billion.

More boomer irrationality. If Boomers had been allowed to take their FICA and invest it a 6%, they would have received about twice what they will get, on average, from Social Security. In the stock market, would have earned about 5X (according to grok).

The boomers had the most "stolen" from them of any generation.

Again, it is a stupid argument, imo.



Fightin_Aggie
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MemphisAg1 said:

Furlock Bones said:

But let's give the wealthiest class a little extra.

Again, I don't like it and would prefer it didn't exist.

But come on man... you're distorting facts in your attempt to broadly target older people.

This applies to singles <$75k or couples <$150k... hardly wealthy.

At least be honest with your attempt to smear all old folks.

He did say wealthy class, referring to boomers
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MemphisAg1
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Fightin_Aggie said:

MemphisAg1 said:

Furlock Bones said:

But let's give the wealthiest class a little extra.

Again, I don't like it and would prefer it didn't exist.

But come on man... you're distorting facts in your attempt to broadly target older people.

This applies to singles <$75k or couples <$150k... hardly wealthy.

At least be honest with your attempt to smear all old folks.

He did say wealthy class, referring to boomers

And he distorted the facts to attack all boomers, even though the tax benefit only applies to those lower on the income scale, not all boomers.

Don't let facts get in the way of generational hate.
one safe place
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MemphisAg1 said:

zephyr88 said:

Quote:

This applies to singles <$75k or couples <$150k... hardly wealthy.

Damn... yet another handout afforded by those of us who pay taxes.

Yep, I'm the taxpayer here and not the receiver even though I'm a boomer.

We need to fundamentally reset government to eliminate the picking of winners and losers.

Flat tax. No exemptions. Only carve out is for those below the poverty line.

No senior bonuses. No college loan forgiveness. No double-dipping with SNAP and free school lunches. No hedge fund favorable tax treatment (cap gains instead of income tax). The list goes on and on...

Correct. The tax code is full of picking winners and losers. Though I would go for simplification on the revenue side (flat tax, consumption tax, some of both), elimination of handouts, and cutting spending in every area of the budget, none of that is ever going to happen. It is too huge of a change and we are not good at solving big problems.
Fishing Fools
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This is fun !!! Cant wait till next years surprise !!!

BFND '79
BTKAG97
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So retired people get a bonus INCOME tax exemption?

Smart.
hangman
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Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now. But let's give the wealthiest class a little extra.

The boomerfare has to stop at some point.


It will never stop until the country has collapsed from its swollen debt. The boomers will ride off into the sunset extracting the last ounce of what's left from Medicare and leave the future holding the bag. The middle class will never re-emerge as all the AI gains go to dynasty ownership class families.
swampdog01
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This was the 'solution' to trying to eliminate taxes on Social Security income. The budget wouldn't allow a full repeal so they did this instead.

UntoldSpirit
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This deduction is how congress implemented the "no tax on social security". This is a compromise way for Trump to keep his campaign promise. $6K deduction for single (over 65) and $12K for married couples. Limits of 75K of AGI for singles and 150K of AGI for couples. Again, its targeted more for people who depend on Social Security Income significantly.

There is still the same taxes on social security income, but this deduction offsets those taxes for a high percentage of Social Security earners. However, it applies generally, so it really has nothing directly to do with Social Security taxes. It's a compromise in the Big Beautiful Bill to achieve what he was promising for people highly dependent on Social Security.

So the implication that this is some new handout is not true in the context that this is what Trump has been promising since well before his election. And this is how the sausage ended up being made. It's not literally what he promised, but it is significant for those dependent on Social Security by offsetting those taxes for a high percentage (which is also what Trump has said more recently - I recall him using the "90% of people on Social Security won't pay taxes on Social Security" - not sure how accurate that is.
4
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Rossticus said:

No Spin Ag said:

And the rest of us?


Bend over and I'll show you what we get.

I'll tell you what you get, the right to quit *****ing about everything and blaming your lack of accomplishment on a bunch of older people who busted their ass to get what they have.

And no, I'm not a boomer.

Some of you people need to quit blaming your entire life on everyone else
4
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Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now.

Oh bull *****

The whining in here is about to make my head explode.
HalifaxAg
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Not a boomer, but my mother is and this will be a very welcome relief for her. She's been on fixed income with little savings and a **** ton of inflation. A lot of that unfolded because my parents put 2 kids through private school in a horrible public school location versus savings for themselves. Neither was college educated but made damn sure their kids would be. Keep in mind there were no tax advantaged systems in place to help them out like young families today enjoy. You get to save thousands currently and this break will only equal a few hundred bucks for her.

So maybe some of you need to relax a little and extend some grace to people who really did follow the American dream. Not every boomer is wiping their ass with greenbacks and smoking Havanas while fleecing the system.
aggie93
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Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now. But let's give the wealthiest class a little extra.

The boomerfare has to stop at some point.

The really cool part will be the Boomers will die off and then the younger generations will take it out on Gen X so we can get screwed on both ends. We paid more than anyone and will get a bankrupt system and get screwed. That's always been out lot in life though so it is what it is, just trying to save what I can while I can in the meantime.
"The most terrifying words in the English language are: I'm from the government and I'm here to help."

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Sea Speed
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4 said:

Furlock Bones said:

CanyonAg77 said:

As a confirmed old fart, I like all the discounts and rebates.

But let's be honest. I don't need them now. I needed them when I was younger and supporting a family.


It's never been harder for young career and family starters than it is now.

Oh bull *****

The whining in here is about to make my head explode.


Who do you think needs help more in life? The young family starting out or the people who have had 40+ years to work and build savings?
Sq 17
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Well said accurate but it fails to point out the problem with the promise of no taxes on social security
It was basically another supply side tax cut packaged in a way that people felt that it was going to broadly benefit everybody

If social security is your primary source of money you aren't paying taxes on it

People with good pensions or large retire savings are paying taxes on the $30,000 a year they receive from social security which is kind of how the "progressive" tax code is supposed to work
People pay no taxes on the first tranche of income
Pay some taxes on the next tranche
A higher rate on the next tranche etcetera
fc2112
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Pretty low income phase out. Most of us with decent pensions and investments won't qualifiy.
 
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