I was playing round with a spreadsheet today analyzing the tax bill, and I learned that the only thing the $4,000 increase in the Standard Deduction for folks over age 65 does for me, is to force me to repay a larger portion of my $4,000 used EV tax credit.
free link:
intercst
Many seniors are poor and rely on government assistance for food.
https://www.wsj.com/politics/policy/snap-food-stamps-cuts-charts-f10f3971?mod=hp_lead_pos11
The House bill would expand the upper age limit so that able-bodied adults without dependents have to work to get SNAP benefits by 10 years, to age 64. … [end quote]
There’s a lot more to the modifications to SNAP but you asked specifically about seniors.
In this country, the most dangerous age to be is between about 50 and 65. It’s the late middle-aged (pre-seniors) who are most likely to lose their jobs due to age discrimination while at the same time paying more for health insurance. They are too young for Medicare. Now they will be too young for SNAP if they lose a job.
Wendy
Yep, and it’s even worse if you live in a Red State with the “work requirements” for aid.
Give them what they voted for – good and hard.
intercst
I think able bodied adults should work. They should not get a free ride on welfare. Welfare is for children and the disabled.
News media have raised care takers as an issue. Should taking care of elderly or children be counted as work and how do you document.
If you get a paycheck i don’t think there is an issue. Off the books gray market might be a problem. Maybe you’ll have to pay income taxes on part of your income.
That is the thinking behind “Plan Steve”: work requirements for every able bodied adult, regardless of age.
I think it was the PBS news last night, that ran a piece about the work requirements. One person commented that one state (I forget which one), is enforcing work requirements now, and it costs more to enforce than it saves by booting able bodied people off of assistance. The (L&Ses) in Lansing tried to pass the same Medicaid work requirement during TIG’s last term. Proponents of the legislation admitted it would cost more to enforce than it would save, but the objective was to force people into the arms of the “JCs” who were crying they couldn’t get anyone to take their lousy, poor paying “jobs”.
Steve
The U.S.A. is a democracy.
For whatever reasons, the Republican message is swaying the vote. The working class of every race (white, black, Hispanic) believes that they will benefit economically and socially from Republican programs. And this belief is getting stronger.
As investors we need to determine how this political reality will sway the Macroeconomic reality.
Wendy
The problem with forcing old people to work is that we are both cynical and experienced. Basically the main reason to show up is to mess with the employers head, and maybe steal something of value. In other words, we are forced to be there, so we intend to make the forcers regret it.
Cheers
Qazulight
Putting the children or the elderly in private day care or a private equity-managed nursing home is going to cost way more than snap benefits or Medicaid for a family or relative care giver.
To their credit, conservatives understand that the documentation and administration of “work requirements” costs way more than the money saved on welfare benefits. It’s the principle of the thing – and they delight in the cruelty of it, and are willing to pay more to get it.
intercst
I’ve been doing that for 30 years. Nobody ever lost money betting on the “racism, ignorance and innumeracy of the American people.” That’s why I’m long on prescription drugs and the political corruption that prevents price competition in the industry.
intercst
As mentioned here, from time to time, over several years, the USian “traditional family value” of the puritanical punishment culture.
Steve
The “victim” narrative. #43 used it to brush off criticism of his made up wars, and police state tactics. TIG uses the “victim” narrative for everything: racist policies at home, and trade wars with everyone.
The best band that’s ever been, wrote a song about the “victim” culture, over 20 years ago.
Steve
Aw, c’mon, @steve203, next thing ya know, you’ll be saying they should teach “Atlas Shrugged” in English class and social Darwinism in social studies.
Wendy (my dad used to say, “Life is tough all over” if we ever complained.)
I don’t see a problem with forcing young people to work. Do you?
I have no problem with exempting care takers from the work requirement. The difficulty is how you document it.
Yes, it might be more difficult than collecting withholding taxes, but I bet we can figure it out.
Yes.
It is called slavery. Of course forcing people to work for money is not. Then again the idea of share cropping and the company store were just variations on the theme.
Cheers
Qazulight
(yes, I saw your wink)
What I want, or think is right, is irrelevant. TPTB dictate what is “taught” in schools, just like they tried to indoctrinate me into being an unthinking “anti-Communist”.
Meanwhile, the Baptist lodge tried to indoctrinate me with little tunes like this one.
For those who have forgotten the piece about the Scott expedition to the South Pole “The Last Place On Earth”, that song was the soundtrack theme to Scott’s group pressing on, to it’s doom.
Steve
The upside is that low-income workers receive proportionate higher Social Security benefits that high income workers.
So by limiting food and health care to this cohort we can extend SS benefits to higher income workers without a tax increase.
And of course, in addition to food and medical care, housing is also a human need as well. This problem hasn’t been forgotten. There are plans to reduce housing for poor people too. Blocking access to food, medical, and housing for low income GenX’er will greatly benefit high income workers when it comes to SS.
https://www.washingtonpost.com/nation/2025/05/06/section-8-cuts-trump-budget-proposal/
You can use the previous year’s income if it is better for you. But it probably isn’t because I suspect that the issue is that you didn’t pay $4000 of income tax, and since the credit is non-refundable, you can only take a credit up to the total amount of income tax that is due. I wonder if you will have the same problem wth the other tax credits you plan on using for efficient HVAC unit(s)?
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your income is below the threshold for 1 of the 2 years, you can claim the credit.
It has been getting stronger, but might that change with Trump’s chaotic and destructive policies? With all his corruption? Or do most people just have no clue?
I did a Roth conversion in 2024 that put my income into 6 figures, so I can’t use that.
The $15,000 to $20,000 in Energy Efficiency refunds aren’t a tax credit. It’s a point of sale rebate on an approved project that I can get if I keep my income below $69,550 for 2025. At $69,000, I’ll probably only have about $2,500 in Federal income tax liability since most of my income is qualified dividends in the 0% bracket. (Minus of course the effect of the additional $4,000 Standard Deduction which will reduce my taxable income even more.)
intercst
