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Thread: Kudlow says Trump 'did not mean that he was eliminating the Social Security tax'

  1. #1
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    Default Kudlow says Trump 'did not mean that he was eliminating the Social Security tax'

    White House economic adviser Larry Kudlow said Sunday that President Trump “did not mean that he was eliminating the Social Security tax” with his coronavirus executive orders.

    Kudlow told CNN’s “State of the Union” that the president will protect Social Security and Medicare after Trump vowed to make permanent his coronavirus executive orders’ cut in the payroll taxes, which help fund the programs.

    White House adviser, asking if Trump can protect the programs “and cut payroll taxes at the same time.”

    “Well, he said he will do away with it if he gets reelected,” Bash replied.

    “I believe he was referring to doing away with the payback of the deferral,” Kudlow said, adding that he think's Trump's “intent” is “that we will take any steps possible to forgive this deferral. That’s what he was actually saying. We will protect Social Security. We will protect Medicare.”

    “I just want to say that isn't what the president said at all. He said the opposite,” Bash countered.

    “I think he meant the deferral would be forgiven,” the White House adviser responded. “I think he was saying that the savings on the deferral will be permanent. He did not mean that he was eliminating the Social Security tax.”

    The president signed a series of executive orders on Saturday, including one that permits employers to defer payment of payroll taxes through 2020 for employees making less than about $100,000 annually. Trump then committed to make the cuts permanent if he is reelected.


    Presumptive Democratic presidential nominee
    Joe Biden criticized Trump for that commitment, saying it would “undermine the entire financial footing of Social Security.”

    https://thehill.com/homenews/sunday-talk-shows/511218-kudlow-says-trump-did-not-mean-he-was-eliminating-the-social

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    Meanwhile, every year more and more seniors must pay income tax on their Social Security because the SS income tax threshold created in 1984 [originally meant to only apply to the rich] was NEVER INDEXED FOR INFLATION !!


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    Quote Originally Posted by KingsX View Post
    Meanwhile, every year more and more seniors must pay income tax on their Social Security because the SS income tax threshold created in 1984 [originally meant to only apply to the rich] was NEVER INDEXED FOR INFLATION !!
    You do know that Social Security is a Communist Plot concocted by That Man in the White House.
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    When SS was first created there was NO FEDERAL INCOME TAX on SS.

    Income tax on SS was first signed into law by Republican Reagan... and SS income tax was increased by Democrat Clinton.

    But at no time was the income threshold were SS income becomes taxable indexed for inflation.

    So now even those with modest incomes pay income tax on SS.

    For the past few years, a Democrat has submitted a bill to increase that income threshold so lower income seniors don't have to pay income tax on their SS. But it doesn't correct the original problem... and the bill is perpetually stuck in committee.


  5. #5
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    Quote Originally Posted by KingsX View Post


    Meanwhile, every year more and more seniors must pay income tax on their Social Security because the SS income tax threshold created in 1984 [originally meant to only apply to the rich] was NEVER INDEXED FOR INFLATION !!

    Glad I don't make enough on SS to pay taxes. One can earn a little over 16K above what they get and still not pay taxes. I have not filled ANY income taxes State OR Federal for the last some 15 years. YEAH. But on the either hand living on a little over 15K is challenging enough. LOL.

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