Latest news with #SundayMorningFutures'
Chicago Tribune
8 hours ago
- Business
- Chicago Tribune
President Donald Trump keeps saying the GOP mega bill will eliminate taxes on Social Security. It does not
WASHINGTON — President Donald Trump keeps saying that Republicans' mega tax and spending cut legislation will eliminate taxes on federal Social Security benefits. It does not. At best, Trump's 'no tax on Social Security' claim exaggerates the benefits to seniors if either the House or Senate-passed proposals is signed into law. Here's a look at Trump's recent statements, and what the proposals would — or would not — do. Trump repeatedly told voters during his 2024 campaign that he would eliminate taxes on Social Security. As his massive legislative package has moved through Congress, the Republican president has claimed that's what the bill would do. Trump said on a recent appearance on Fox News' 'Sunday Morning Futures' that the bill includes 'no tax on tips, no tax on Social Security, no tax on overtime.' But instead of eliminating the tax, the Senate and House have each passed their own versions of a temporary tax deduction for seniors aged 65 and over, which applies to all income — not just Social Security. And it turns out not all Social Security beneficiaries will be able to claim the deduction. Those who won't be able to do so include the lowest-income seniors who already don't pay taxes on Social Security, those who choose to claim their benefits before they reach age 65 and those above a defined income threshold. The Senate proposal includes a temporary $6,000 deduction for seniors over the age of 65, contrasted with the House proposal, which includes a temporary deduction of $4,000. The Senate proposal approved Tuesday would eliminate Social Security tax liability for seniors with adjusted gross incomes of $75,000 or less or $150,000 if filing as a married couple. If passed into law, the tax deduction would last four years, from 2025 to 2029. The deductions phase out as income increases. Touting a new Council of Economic Advisers analysis, the White House said Tuesday that '88% of all seniors who receive Social Security — will pay NO TAX on their Social Security benefits,' going on to say that the Senate proposal's $6,000 senior deduction 'is estimated to benefit 33.9 million seniors, including seniors not claiming Social Security. The deduction yields an average increase in after-tax income of $670 per senior who benefits from it.' Garrett Watson, director of policy analysis at the Tax Foundation think tank, said conflating the tax deduction with a claim that there will be no tax on Social Security could end up confusing and angering a lot of seniors who will expect to not pay taxes on their Social Security benefits. 'While the deduction does provide some relief for seniors, it's far from completely repealing the tax on their benefits,' Watson said. The cost of actually eliminating the tax on Social Security would have massive impacts on the economy. University of Pennsylvania's Penn Wharton Budget Model estimates that eliminating income taxes on Social Security benefits 'would reduce revenues by $1.5 trillion over 10 years and increase federal debt by 7 percent by 2054″ and speed up the projected depletion date of the Social Security Trust Fund from 2034 to 2032. Discussions over taxes on Social Security are just part of the overall bill, which is estimated in its Senate version to increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034, according to the Congressional Budget Office. Administration officials have said the cost of the tax bill would be offset by tariff income. Recently, the CBO separately estimated that Trump's sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.
Winnipeg Free Press
18 hours ago
- Business
- Winnipeg Free Press
Trump keeps saying the GOP mega bill will eliminate taxes on Social Security. It does not
WASHINGTON (AP) — President Donald Trump keeps saying that Republicans' mega tax and spending cut legislation will eliminate taxes on federal Social Security benefits. It does not. At best, Trump's 'no tax on Social Security' claim exaggerates the benefits to seniors if either the House or Senate-passed proposals is signed into law. Here's a look at Trump's recent statements, and what the proposals would — or would not — do. What Trump has said Trump repeatedly told voters during his 2024 campaign that he would eliminate taxes on Social Security. As his massive legislative package has moved through Congress, the Republican president has claimed that's what the bill would do. Trump said on a recent appearance on Fox News' 'Sunday Morning Futures' that the bill includes 'no tax on tips, no tax on Social Security, no tax on overtime.' A temporary tax deduction But instead of eliminating the tax, the Senate and House have each passed their own versions of a temporary tax deduction for seniors aged 65 and over, which applies to all income — not just Social Security. And it turns out not all Social Security beneficiaries will be able to claim the deduction. Those who won't be able to do so include the lowest-income seniors who already don't pay taxes on Social Security, those who choose to claim their benefits before they reach age 65 and those above a defined income threshold. The Senate proposal includes a temporary $6,000 deduction for seniors over the age of 65, contrasted with the House proposal, which includes a temporary deduction of $4,000. The Senate proposal approved Tuesday would eliminate Social Security tax liability for seniors with adjusted gross incomes of $75,000 or less or $150,000 if filing as a married couple. If passed into law, the tax deduction would last four years, from 2025 to 2029. The deductions phase out as income increases. White House touts impact Touting a new Council of Economic Advisers analysis, the White House said Tuesday that '88% of all seniors who receive Social Security — will pay NO TAX on their Social Security benefits,' going on to say that the Senate proposal's $6,000 senior deduction 'is estimated to benefit 33.9 million seniors, including seniors not claiming Social Security. The deduction yields an average increase in after-tax income of $670 per senior who benefits from it.' Garrett Watson, director of policy analysis at the Tax Foundation think tank, said conflating the tax deduction with a claim that there will be no tax on Social Security could end up confusing and angering a lot of seniors who will expect to not pay taxes on their Social Security benefits. 'While the deduction does provide some relief for seniors, it's far from completely repealing the tax on their benefits,' Watson said. Economic effect Monday Mornings The latest local business news and a lookahead to the coming week. The cost of actually eliminating the tax on Social Security would have massive impacts on the economy. University of Pennsylvania's Penn Wharton Budget Model estimates that eliminating income taxes on Social Security benefits 'would reduce revenues by $1.5 trillion over 10 years and increase federal debt by 7 percent by 2054″ and speed up the projected depletion date of the Social Security Trust Fund from 2034 to 2032. Discussions over taxes on Social Security are just part of the overall bill, which is estimated in its Senate version to increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034, according to the Congressional Budget Office. Administration officials have said the cost of the tax bill would be offset by tariff income. Recently, the CBO separately estimated that Trump's sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.
Sky News AU
a day ago
- Business
- Sky News AU
Elon Musk's ex-friend Phillip Low predicts he is ‘going to do everything to damage' Donald Trump after feud
One of billionaire tycoon Elon Musk's former tech friends is ominously predicting that the world's richest man isn't finished with President Trump despite their feud earlier this month fading away. Philip Low, a neuroscientist who founded NeuroVigil and had a falling out with Musk, argued that Trump's former right-hand man doesn't move on from big fights with people. 'I've had my share of blowouts with Elon over the years,' Low told Politico. 'Knowing Elon the way I know him, I do think he's going to do everything to damage the president.' Earlier this month, Musk, 54, went ballistic on Trump after his frustrations with the deficit impact of the One Big Beautiful Bill Act seemingly reached a breaking point. During his fiery rhetorical haymakers against Trump, the former Department of Government Efficiency boss argued that without his help, 'Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' He blasted Trump's marquee megabill as 'pork-filled' and a 'disgusting abomination,' while also calling for the creation of a new political party. Musk also dropped a 'big bomb,' alleging that the president was in the Jeffrey Epstein files, in a since-deleted post. 'I regret some of my posts about President @realDonaldTrump last week,' Musk later posted on X. Trump has seemingly let bygones be bygones as well, calling his onetime billionaire buddy a 'wonderful guy' who's 'gonna do well always.' 'He's a smart guy, and he actually went and campaigned with me and this and that, but he got a little bit upset and that wasn't appropriate,' Trump told Fox News' 'Sunday Morning Futures' in a pre-taped interview late last week. But Low surmised that the public moves by the two moguls to bury the hatchet has been 'purely cosmetic.' 'He has been humiliated,' he contended. 'The whole idea that Elon is going to be on his side and help woo Congress and invest in election campaigns for right-wing judges — Elon might do all of that, but deep down, it's over.' The neuroscientist mused that Trump 'tends to make up with his former sparring partners like [Steve] Bannon a bit more easily than Elon does' — but suggested that's not his experience with Musk. The SpaceX and Tesla mogul helped finance NeuroVigil, which developed iBrain, a device that is intended to give patients a means of getting a non-invasive electroencephalogram to monitor their brain activity. He also joined its advisory board. By 2021, Musk sought to get off NeuroVigil's advisory board, so Low fired him to ensure the billionaire couldn't exercise his stock options, fearing that could damage the company. At that point, Musk had formed his own neurotechnology company, Neuralink. Low went on a public diatribe against Musk earlier this year, penning a blistering Facebook post disparaging his former friend. Over the weekend, Musk re-upped his criticism of the One Big Beautiful Bill Act as the Senate GOP worked on advancing the legislative bundle. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk raged on X Monday. 'And they will lose their primary next year if it is the last thing I do on this Earth.' Originally published as Elon Musk's ex-friend Phillip Low predicts he is 'going to do everything to damage' Donald Trump after feud
The Hill
2 days ago
- Politics
- The Hill
B-2 pilots who flew Iran strike mission will visit White House on July 4
The B-2 pilots who carried out the strike on Iran's nuclear facilities will visit the White House on Friday for the Fourth of July holiday, a White House official told The Hill. The president will speak at a celebration that will include a flyover of B-2 bombers and other personnel from Whiteman Air Force Base in Missouri, CBS first reported. Trump said the pilots are 'going to come to the White House,' without specifying a date, in an interview on Fox News's 'Sunday Morning Futures' with Maria Bartiromo that aired on Sunday. The pilots earlier this month carried out the unprecedented attack on Iran, which has been dubbed Operation Midnight Hammer, dropping 30,000-pound bombs on underground nuclear enrichment facilities. The B-2s carrying so-called bunker buster bombs took off from the base in Missouri and went undetected, which was all 'part of a plan to maintain tactical surprise,' according to Joint Chiefs of Staff Gen. Dan Caine. Trump has hit back at an initial Pentagon assessment that damage to the three nuclear facilities only set the Iranians' nuclear program back a few months. He and Defense Secretary Pete Hegseth have insisted the strikes actually set the Iranians back years or decades. In his discounting of the initial assessment, he argued that reporting about it demeaned the bomber pilots who flew the mission, claiming that the nuclear sites were 'obliterated.' 'You should be praising those people… you're hurting those people,' Trump said last week at the NATO Summit in The Hague. Hegseth also held a news conference last week, during which he said the pilots were 'undermined because your people are trying to leak and spin that it wasn't successful.'
New York Post
2 days ago
- Business
- New York Post
Elon Musk's ex-friend predicts he is ‘going to do everything to damage' Trump after feud
One of billionaire tycoon Elon Musk's former tech friends is ominously predicting that the world's richest man isn't finished with President Trump despite their feud earlier this month fading away. Philip Low, a neuroscientist who founded NeuroVigil and had a falling out with Musk, argued that Trump's former right-hand man doesn't move on from big fights with people. 'I've had my share of blowouts with Elon over the years,' Low told Politico. 'Knowing Elon the way I know him, I do think he's going to do everything to damage the president.' Advertisement Earlier this month, Musk, 54, went ballistic on Trump after his frustrations with the deficit impact of the One Big Beautiful Bill Act seemingly reached a breaking point. During his fiery rhetorical haymakers against Trump, the former Department of Government Efficiency boss argued that without his help, 'Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' 4 Philip Low, as seen at a TED Talk in 2009, fired Elon Musk from the advisory board of NeuroVigil. Youtube/TEDMED Advertisement 4 Elon Musk has kept a lower political profile in the days since his blow-up against President Trump. AP He blasted Trump's marquee megabill as 'pork-filled' and a 'disgusting abomination,' while also calling for the creation of a new political party. Musk also dropped a 'big bomb,' alleging that the president was in the Jeffrey Epstein files, in a since-deleted post. 'I regret some of my posts about President @realDonaldTrump last week,' Musk later posted on X. Trump has seemingly let bygones be bygones as well, calling his onetime billionaire buddy a 'wonderful guy' who's 'gonna do well always.' Advertisement 'He's a smart guy, and he actually went and campaigned with me and this and that, but he got a little bit upset and that wasn't appropriate,' Trump told Fox News' 'Sunday Morning Futures' in a pre-taped interview late last week. But Low surmised that the public moves by the two moguls to bury the hatchet has been 'purely cosmetic.' 'He has been humiliated,' he contended. 'The whole idea that Elon is going to be on his side and help woo Congress and invest in election campaigns for right-wing judges — Elon might do all of that, but deep down, it's over.' 4 President Trump later praised Elon Musk as 'smart,' shrugging off the billionaire's eruption. AP Advertisement The neuroscientist mused that Trump 'tends to make up with his former sparring partners like [Steve] Bannon a bit more easily than Elon does' — but suggested that's not his experience with Musk. The SpaceX and Tesla mogul helped finance NeuroVigil, which developed iBrain, a device that is intended to give patients a means of getting a non-invasive electroencephalogram to monitor their brain activity. He also joined its advisory board. By 2021, Musk sought to get off NeuroVigil's advisory board, so Low fired him to ensure the billionaire couldn't exercise his stock options, fearing that could damage the company. At that point, Musk had formed his own neurotechnology company, Neuralink. Low went on a public diatribe against Musk earlier this year, penning a blistering Facebook post disparaging his former friend. Over the weekend, Musk re-upped his criticism of the One Big Beautiful Bill Act as the Senate GOP worked on advancing the legislative bundle. 4 Elon Musk stepped down from his role as a special government employee late last month. AP 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk raged on X Monday. 'And they will lose their primary next year if it is the last thing I do on this Earth.'
