Aug. 5 at 6:23 PM
$JNUG $GLD $GDX $SLV $B
"No tax on tips up to
$25,000." - The exact benefit depends on the law's eligibility rules. You're going to pay taxes on that all through the year & won't get to take it off until you file your taxes.
"No tax on overtime up to
$12,500." - After the
$12.5K then back to regular taxation
"No tax on Social Security." - No really but help if you think it's that way but instead they gave a
$6,000 deduction. Rather than eliminating taxes on Social Security benefits which is the 2nd time you're being taxed on this money. The law did not eliminate federal income taxation of Social Security benefits. Instead, it created an additional senior deduction of up to
$6,000 per eligible person, subject to income limits
Simply think of this as a different kind of truth or Campaign-style wording to get you hook line & sinker. It worked & I think its still working
In the end this means a bit less tax revenue & an increased US fiscal yr deficit which is on track for
$2.1 T
