Probability of tax free Social Security as promised

@RaymondJ623569 

Yep, that’s what he said - now - HOW?  Probably only one way to make up the income to the Trust Funds that we will be losing - by raising the contribution limit at least some.  Either that or fix the whole problem with the Trust Funds - the problem is not enough income coming in to cover the benefits - Social Security Old Age and Survivors Benefits and Medicare Part A or HI Trust Fund.

Congressional Research Report 09/23/2024 - Social Security Benefit Taxation Highlights 

from the link ~

In 2023, the Social Security trust funds were credited
with $50.7 billion from the taxation of Social Security
benefits, or 3.8% of the trust funds’ total income. Also in
2023, income to the Medicare Hospital Insurance trust
fund from the taxation of Social Security benefits was
$35.0 billion, or 8.4% of the trust fund’s total income.

This CRS link is important because it explains how things work - that’s the purpose of CRS reports - to explain to all of Congress how things work currently.

Personally, I don’t think taking out any shortfall from the General Fund is a good idea - our deficit is already too high and this would make it worse UNLESS the same problem is covered there - That is to say to bring in more income.  

Of course, there are other ideas along that line too but it would involve, again, bringing in more income by some other way than direct new taxation.  Maybe we can expand the economy (jobs HERE) to make up a lot of our trade deficit.  

Either way, it is the how and if it works that will determine the success of any changes - it is all linked together in many ways.

Fingers crossed -

  I don't care how they do it but they really do need to stop taxing my social security income.  If they tax mine they should tax everyones!  I paid in just like everyone else, planned for my retirement, made the sacrifices and now because I'm a high income earner I pay more.  

I'm so tired of all the BS with the "needs based" benefit calculations!  Too many didn't plan, sat on their butts, took it for granted that they would be 'taken care of'. It just shows poor planning (and yes, I still know of many that were disabled but still worked and planned for their retirement) or milking the system (I know of some that were paid 'under the table'.

on Fox and Friends they questioned him how he would get no taxes on SS checks and he said he will get it done. I know it looks like another scam promise just to get the seniors votes.