Eliminating Income Taxes for Seniors Making Less than $50,000. Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate taxes for 7 million seniors saving them an average of $1,400 a year-- and will also mean that 27 million seniors will not need to file an income tax return at all.
The Recovery Act provides a one-time payment of $250 to retirees, disabled veterans, and SSI recipients. Over 64 million retirees and other individuals will receive this one-time payment, totaling $16 billion.From PolitiFact.com: "President Obama’s campaign pledge to end taxes for seniors making less than $50,000 has fallen off the radar.
It wasn’t part of the tax cuts in the economic stimulus bill, also known as the American Recovery and Reinvestment Act. It wasn’t in Obama’s first budget outline, which was approved by Congress on April 2, 2009. And it’s not part of any proposed legislation that we can find.
On Tax Day, Obama gave a speech in which he talked about his other tax promises and how he wants to reshape the tax code to make it simple and more efficient. But he never mentioned his promise of curtailing the income tax for seniors.
The Obama administration has done other things for seniors. Thanks to the stimulus bill, for example, everyone who gets Social Security benefits will receive a $250 check from the government in May. But the bold promise to end taxes for seniors if they make less than $50,000 seems to be forgotten.
We asked the White House about it, but got no response."