As Americans are feeling the continuing deep pain of this COVID-19 plague — which was exacerbated by President Trump by not listening to the NIH, CDC, etc. to take immediate action on all fronts — he "may" be on the right track to help our economy.
It "appears" the president — and his rubber stamp congressional Republicans — have finally realized that the U.S. is heading for another 2008-09 deep recession, or worse, unless the feds bail out some failing businesses — and the millions of workers and families — with some badly needed cash, etc.
Trump is "planning" various cash infusions to Americans; loans to small businesses; increasing unemployment benefits; extending tax filing and paying to July 15, etc., and bailouts to various big corporations.
Great, but he should do more — and do it now!
The president should also implement the suspension of taxing unemployment insurance benefits — permanently.
This dumb tax provision has been on the books for decades. It has got to be "one" of the most inequitable tax provisions the Republicans have barrelled through Congress.
How can people, who've lost their jobs, afford to pay an income tax on their unemployment benefits?
Yet, these unfortunate people must come up with much needed cash to pay their tax bill — or pay an IRS penalty — instead of using this money to pay for food, medicines, rent, mortgage payments, etc.
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The second tax provision that needs to be permanently eliminated is the taxing of Social Security benefits.
For example, if one is single, and their combined income is over $25,000 and under $31,001, up to 50% of benefits are taxed and if it's over $34,000, up to 85% is taxed.
If filing a joint return, the limits are a bit higher; $32,000 and under $44,001, they too get taxed on 50% of their benefits and if above $44,000, they get whacked by getting taxed on 85% of their benefits.
Why does the federal government tax the Social Security benefits of their senior citizens in the first place?
Again, we can thank some Machiavellian Republicans for this tax and ingratitude, which includes taxing the "Greatest Generation," North Korean, Vietnam, Iraq, Afghanistan senior veterans and the millions of American people who contributed to building this great country of ours, in one way or another.
Yes, President Trump and Congress need to get together and rescue the unemployed and Social Security recipients by completely eliminating these inequities.
We shall see...
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