Thursday, August 1, 2024

Thank you, President Trump,!





"But the group of Americans who really need tax relief badly right now, are seniors. Recent statistics show that 37% of all people over 65, struggle to make ends meet."


I must say, it has taken forever and a day for SOMEBODY in the federal government to come up with this commonsense idea. Yesterday, President Trump put it forward as a campaign pledge. Take the federal taxes off of Social Security. WOW! Now that would help struggling seniors in our country. And it would put things back to where they once were. Plus, my feeling is if the federal tax on SS goes bye-bye, recalcitrant states like Minnesota would also take the state tax off also. 

Let's compare this Trump proposal with the Biden/Harris tax plan. First off, under Biden/Harris - no changes to SS tax. Just shut up and keep paying it. Next, the Trump tax cuts will sunset at the end of next year. If they are not extended (and Biden said they would not be), EVERYONE would get a tax increase. Finally, the real killer for our economy. Capital Gains Tax, which is now set at 20% (as an incentive to invest), will double to 39.5%. This is the result when you have people in charge with no clue about basic economics.

Actually, one of Minnesota's Democrat Congresswomen has also suggested that we take the tax off of SS. BTW - this should be a non-partisan issue. But for some reason it is not. As most of us know by now, Trump is also making a big deal out of taking the tax off of tips. Again, this is an idea whose time has come.

Why do we need tax relief? According to Forbes, 70% of all Americans are now living paycheck to paycheck. That means one missed paycheck would cause some serious restructuring of finances. More than one missed paycheck could spell disaster for the family. But the group of Americans who really need tax relief badly right now, are seniors. Recent statistics show that 37% of all people over 65, struggle to make ends meet.

Just as an aside before I close, Israel and Iran have closed some of their airspace. Why? A wider war might be in the offing. Israel has taken out some top Hezbollah leaders, and now Iran has pledged revenge. Could America help stop this coming war? Sure, with strong American leadership (which we don't have right now). With Democrat rule comes war and high taxes. Should Trump lose this election, buckle up, as more of both of those bad things will continue.    


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