MiBolsillo Columbia: Tax reform changes regarding Social Security with the Trump bill

The Trump administration’s initial promise to eliminate federal taxes on Social Security benefits has taken a new turn. The House of Representatives has approved a bill that offers a more restricted tax relief for Americans over 65. This proposal, now heading to the Senate, introduces a temporary deduction, marking a significant shift from the original campaign promise. Tom O’Saben, Director of Government Relations at the National Association of Tax Professionals, noted that this is “far from making Social Security tax-free.”

The legislation proposes a $4,000 deduction per qualifying individual, applicable from 2025 to 2028. 

A $4K deduction is diddlysquat. Which is not surprising since Trump is a bag of hot air who never delivers anyway. This is par for the course.

https://www.msn.com/en-us/money/markets/tax-reform-changes-regarding-social-security-with-the-trump-bill/ar-AA1GjDAp

MiBolsilloColombia: Only 0.3% of SSA frauds were considered incorrect, what about DOGE?

A recent initiative by the Social Security Administration (SSA) to detect fraud, partly driven by the now-defunct Department of Government Efficiency (DOGE) led by Elon Musk, has sparked significant controversy. 

The Social Security Administration’s (SSA) recent anti-fraud initiative, influenced by the Department of Government Efficiency (DOGE), has stirred a storm of debate. The DOGE, once under the leadership of Elon Musk, made audacious claims about rampant fraud within the SSA. However, the SSA’s new detection system revealed a starkly different reality, identifying only a minuscule amount of potential fraud while inadvertently delaying the processing of numerous claims.

The primary justification for the SSA’s anti-fraud policy stemmed from statements by DOGE members. Aram Moghaddassi, a DOGE engineer, claimed on Fox News that 40% of calls to the SSA for direct deposit changes were from scammers. This assertion was echoed by Elon Musk and Vice President JD Vance. Musk even suggested that his engineers had uncovered “$100 billion a week” in fraudulent payments, a figure that raised eyebrows across the board.

But:

Of over 110,000 claims reviewed, less than 1% were flagged for potential fraud, and only two were deemed to have a “high probability” of being fraudulent.

https://www.mibolsillo.co/news/Only-0.3-of-SSA-frauds-were-considered-incorrect-what-about-DOGE-20250526-0031.html

MiBolsillo Colombia: Trump denies zero tariffs on China, yet concedes

The current tariff situation is complex, with the United States imposing a 145% tariff on Chinese imports, to which China has retaliated with a 125% tariff on U.S. exports. While items like smartphones and semiconductors enjoy a temporary exemption, a general 20% tariff remains in effect.

Referring to the 145% tariff, Trump described it as “very high” and stated that “it won’t be that high.” He added, “It won’t be anywhere near that high. It will decrease substantially.” However, the president was adamant in denying a return to the previous situation:

“But it won’t be zero – it used to be zero. We were just being destroyed. China was taking us for a ride.”

With this statement, Trump categorically denies the possibility of completely eliminating tariffs.

Executive summary: I’m Donald Trump. I’m big, dumb, and stupid. I don’t really know what the tariffs are. We’re taking China for a ride and crashing ourselves in the process. Life was good, but I’m fixing that.

https://www.msn.com/en-us/money/markets/trump-denies-zero-tariffs-on-china-yet-concedes/ar-AA1E4MUE