Former President Donald Trump has put forward a bold proposal to exempt Social Security payments from taxes as part of his latest campaign trail tax cut initiative. This move is strategically aimed at appealing to senior voters, a crucial demographic in the upcoming elections.
According to the Tax Foundation, fully exempting Social Security benefits from taxes could “cost” over $1.6 trillion over a decade. While there is some bipartisan support in Congress for this idea, legislative proposals have yet to gain significant traction. Trump made his position clear on Truth Social, stating, "SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!"
https://x.com/RyanAFournier/status/1818651427952070745
This proposal follows his earlier commitment to exempt tip income from taxes, particularly targeting service industry workers in swing states like Nevada. Seniors, who tend to vote in higher numbers, represent a key constituency for Trump. In the 2020 elections, seniors comprised over a quarter of all voters, with a significant majority favoring Republicans. This demographic is especially influential in swing states such as Pennsylvania, Michigan, Wisconsin, Florida, and Arizona.
Currently, around 40% of Social Security recipients pay taxes on their benefits. Those earning less than $25,000 are exempt, while higher earners face taxes on up to 85% of their benefits. The revenue generated from these taxes supports the Social Security and Medicare trust funds, which are facing financial challenges. Without intervention, the Social Security trust fund could only pay full benefits until 2035, after which a 17% cut would be necessary.
https://x.com/TrumpWarRoom/status/1250437443125260288
Trump's proposal has elicited mixed reactions in the Senate. While some Republicans support the idea, they emphasize the necessity of addressing Social Security's long-term solvency. Senator Thom Tillis (R-N.C.) highlighted the importance of ensuring the program's fiscal stability before implementing additional benefits. Senator Charles E. Grassley (R-Iowa) echoed this sentiment, suggesting that such proposals should be part of a broader reform of Social Security.
Senator James Lankford (R-Okla.) noted that Trump's proposal is just one of many issues needing attention regarding Social Security. Unlike other tax measures, changes to Social Security cannot be passed through budget reconciliation, complicating legislative efforts.
President Joe Biden has suggested increasing Social Security payroll taxes on high earners and enhancing benefits for lower-income retirees. However, this proposal was not included in his budget plans. The Republican platform promises no changes to Social Security benefits, but some conservative groups advocate for reducing benefits for higher-income recipients and raising the retirement age.
While Trump's proposal faces legislative hurdles, it has garnered enthusiastic support among some Republicans, reflecting the ongoing debate over the future of Social Security and tax policy. This initiative underscores the importance of protecting the financial interests of seniors while navigating the complexities of fiscal responsibility.
Seniors should Not have to “Keep paying” for Money they have Already made and are trying to Save for Harder times (that pretty much is now) because of the Ignorant Democrats Piss Poor Policy Decisions. Just like Younger Generations that worked and broke their backs before us they payed their taxes, made their Contributions to Society, performed good works for their Country the Younger Generations NOW NEED TO PULL THEIR WEIGHT, GO TO WORK, MAKE THEIR CONTRIBUTION TO SOCIETY, AND DO THEIR GOOD WORKS FOR THEIR COUNTRY. Seniors need to be respected and given what they have earned. They should not be required to support the Younger Generation(s). PERIOD.
VOTE TRUMP!
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It was Biden and Ronnie, in the 80’s, that came up with that idea, and implemented it. Social Security had not been taxed until Biden’s and Reagan’s initiative. It’s a fact.