Big Beautiful Bill passes the Senate....goes back to the house.

Jedem das seine. You get what you voted for or you get what you deserve.

If you voted to be screwed, you will be screwed.

 

1,000 pages of legislation cannot help but screw....everybody.

See also: The IRA, and the OTHER BBB.

 

I am kind of so what..... about the Bill.
about 50% voted for it - about 50% didn't so it is probably a moderate bill with some good things and some bad things.

Remember President Trump isn't a politician - he was elected because American's were sick of the direction the country was going in and wanted someone to shake things up. A groundswell of people voted for him.
Let's see what he can do to change things around.

He is changing things , recently, University of Pennsylvania even changed their minds and admitted yes they did know what a woman is and someone with male genitalia who is 6'1" and can grow a beard is probably not a woman!
Penn removing Lia Thomas records, banning transgender athletes in women's sports

Here is one change the Bill is making
"The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.
The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned."

Incidentally, keep in mind almost all Legislation can be changed and is not permanent - it is not the end of the world.

I wonder if Legislation could be passed that would completely eliminate Political Parties and force people to vote for ideas and people rather than parties....

 

I just checked.

Today in the 4th of July!!!
HAPPY BIRTHDAY AMERICA!!!

No.
That's not what I checked on.
I'm at work today.
On OT.

SO, here is the way I see it.....
June has come and gone.
That means that a little more than 50% of my salary has been earned for the year.
About 31% of my pay for the year has been overtime so for a person in the 22% tax bracket that means what it means!

If you believe 'fake news' then 71% of US workers are full time employees.
A majority of these are hourly employees.
I'll let the large brains take that where they will - but I just printed out my last pay stub for the pay period ending in 28 June '25.
I'm not a 'mathlete' but I know how to do 3rd grade math!!!!!

The OT tax break for these is nothing short of......'yuuuge.'

 

Way back in the day when I waited tables, this would be great. Now that I'm short timing with my real job/career...overtime is definitely back on the menu. Not because I need it, but because I'll see more of it take home.

 

Many police officers, who are already underpaid (IMHO) will benefit from the no tax on overtime. Many corporations, including churches, hire local police officers for security and traffic control and they pay the police station who gives the money to the officers as overtime. It's great!!

 

IN MY GROUP this year we've had an employee that's going to be medically retired following an accident.
(NEVER take a Prius to a truck accident!)
We also have several more employees who are circling the drain and....I fix phones for a living.

NOBODY has phones any more!

I advised my new boss to poll employees for volunteers to work the 4th of July weekend on OT.
The ADVANTAGE would be more or less guaranteed holiday coverage.
The disadvantage would be that his OT budget would suffer.

Hos response was that he didn't CARE about the OT. He just wants his phone to stop ringing!!!!
I go on double time after 8 hours at 1.5x my hourly rate - so.......yeah.

I KNOW WHAT PARTY IS LOOKING OUT FOR ME!!!

THAT's RIGHT!
Neither of them!!!
.....but I'll take the tax deduction on a third of my pay!!!!!

 

It does NOTHING for Social Security taxes. It just raises the Standard Deduction for those 65 and older. some people get Ss before 65 and some wait. If they are calling that "no tax on Social Security" it is bait and switch!

 

Meh...I'll be 67 when I retire and start drawing...and live in Texas.

 

I guess that's why they call it fake news.....

Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors | SSA

 

While we're not 65, my wife started collecting her SS a few years ago....so I looked into the details:

From the SSA: The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.

From Newsweek:
Currently, up to 85 percent of Social Security benefits can be taxed if a retiree's income exceeds a relatively modest threshold: $34,000 for individuals and $44,000 for married couples filing jointly. These thresholds have remained unchanged since they were set in the 1980s and have not been adjusted for inflation, meaning more seniors have gradually found their benefits subject to taxation over time.

What To Know
The bill includes a provision to raise the standard deduction for seniors aged 65 and over by up to $6,000 between 2025 and 2028.

Though the measure doesn't directly change how Social Security benefits are taxed, it may indirectly shield more of that income from federal taxes for lower- and middle-income retirees.

The deduction phases out for individuals earning more than a total of $75,000 and married couples earning above $150,000. That makes it largely irrelevant for wealthier seniors, who already pay taxes on most of their benefits.

In a post on X, formerly Twitter, the White House said Monday that, under the bill, 51.4 million seniors—88 percent of all seniors receiving Social Security income—will not pay any tax on their benefits income as a result of the change.
----------------------------

Gosh, it's helping those who need it the most and NOT allowing the wealthiest to take advantage of it? No wonder the Democrats aren't talking about it!

 

I live on free soil too.
No state taxes in retirement income.

I'm thinking I'll draw SS 2 years past my max age - putting those deposits into a toy fund.
Probably won't get me an airplane or a 55' I/O boat but maybe a few smaller toys and an account for silly stuff like solar panels and a project BEV - along with an outbuilding.

If I still have a few dots on my dice at 70 - then I will be completely debt free and have enough passive income to get by with no SS payments at all.
Four years of a good economy and a third of my income being tax-free will look good on my retirement spreadsheets!!!!

 

A mix of Dem and Rep votes for would be a sign of a moderate bill. That is not what happened.

Good to know how you feel.

The position will likely have to be classified non-exempt/paid hourly.

There are about 74 million people getting SS benefits. In 2024, there were 332,927 allegations of fraud. A rate of 0.7% is not rampant.
https://www.ssa.gov/finance/2024/Full%20FY%202024%20AFR.pdf#page=209
https://www.congress.gov/crs_external_products/IF/PDF/IF12948/IF12948.2.pdf

 

I also got the propaganda email from the trump appointed SS admin

 

Propaganda is misinformation, often biased or misleading.
For those who haven't had time to read the bill, what is misleading about their page??


......For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned.”

The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.

Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.

For more information about Social Security programs and benefits, visit http://www.ssa.gov.

 

Sure, that increases the payments for the current recipients at the expense of the future ones and shortens the future solvency of the program while increasing the deficit.

 

i'll go with biased: search

 

Recalled something I saw earlier on the 'no tax' on tips, overtime, and premium pay. The benefit is done through a tax deduction, with a cap around the standard deduction amount. So for those with no other deductions, it does nothing.

 

OH?
My math based on my actual hourly job is somewhat different, IF THE REPORTING is accurate - and I will stipulate that journos have NOT covered themselves in Glory with either one of the last two (actually THREE) BBBs.

About 25% of my pay last year was OT.
It was taxed just like my regular pay.
If the reporting is accurate, taxes will be withheld for my OT.
Some or all of THIS calendar year's OT will NOT be taxes.
Probably all of it, if the Clinton Precedence for taxing holds.

Thanks to the initial Trump Tax breaks (which the Biden administration kept) my (OUR) standard deduction for this year will be 30k.
With my military retirement, my income will probably crack 6-figures, which means that my tax burden (after the standard deduction) would be near five figures.

You're going to have to 'explain to me how not being taxed for OT an hourly non-exempt employee would 'do nothing.'
Keep it simple......I'm not as well educated as the Salaried, Exempt people in the room for which this part of the bill likely ACTUALLY does nothing.

You are correct that the average Joe-six-pack out there that the DNC USED TO REPRESENT will see NO difference in their pay stubs after July.

Concur completely, with the addition that SS is only currently solvent using GOVERNMENT MATH.
Not many people realize this but taxes on SS income above 25k (32 for married) go back into the SS fund.
This seems to be a vestige of the long held myth (lie) that SS 'contributions' are or were not a 'tax.'


Even though I'm well into my 60s and my CFO has not been employed for decades (her SS will be half of mine) my intentions are to work until 70 or 72 health permitting.
That will give me enough passive income to retire without SS.

NOT EVERYBODY can do this - and if the DNC REALLY REPRESENTED THE POOR AND DISADVANTAGED they would have eliminated taxes on SS for everyone under a certain income gate many years ago AND SS payments would be means tested.

Meanwhile....
I'll take the 'half a loaf' and maybe even cash some of the cheques, because this is a self-licking ice cream cone.
SS WILL be fixed or there will be pitchforks and torches in the streets.

Too many people actually COUNT on their SS for retirement income.