Social Security is already on life-support.
Trump's ideas..his free-flowing promises to his faithful--would cause the fund to become bankrupt in 6 years.
The irony is, of course, that millions of Trump supporters are ON Social Security..either retirement or SSI/SSD.
Let the good times roll~
www.forbes.com
Former President Donald Trump’s promise not to tax Social Security benefits, tips or overtime, along with his pledges to impose steep tariffs and expand deportations, would “dramatically worsen Social Security’s finances,” the Committee for a Responsible Federal Budget said Monday—the latest analysis of Trump’s plans to conclude they’d have a negative impact on the economy.
Under Trump’s plans, Social Security’s ten-year cash shortfall would increase by $2.3 trillion, and Social Security trust funds would run out of money three years earlier, by fiscal year 2031, compared to existing estimates, the nonpartisan public policy organization reported.
Trump’s proposal to end taxation of Social Security benefits would increase the cash deficit by about $950 billion by fiscal year 2035, while his proposal to end taxes on overtime and tips would add $900 billion, and restrictions on immigration, coupled with his tariff policies, would grow the deficit by $400 billion.
Harris has echoed Trump’s promise to eliminate taxes on tips and vowed not to raise taxes for people earning less than $400,000, though the committee did not address Harris’ plans in its report on how Trump’s policies would impact Social Security.
Under current law, which limits Social Security spending to the amount it receives in tax revenue, benefits would be cut by 23% by 2035, but under Trump’s plans, they would have to be cut by about 33%.
The cuts would have the most impact the lowest income earners who already don’t pay taxes on benefits, while the cuts to higher earners would be offset somewhat by an increase in average after-tax benefits.
The report is the latest to show that some of Trump’s proposals would hurt the economy, including a Wall Street Journal survey released last week that found 68% of 50 economists surveyed said inflation would be higher under Trump’s economic plans than Harris’.
Trump's ideas..his free-flowing promises to his faithful--would cause the fund to become bankrupt in 6 years.
The irony is, of course, that millions of Trump supporters are ON Social Security..either retirement or SSI/SSD.
Let the good times roll~
Social Security Would Become Bankrupt Sooner Under Trump’s Plans, Report Finds
The analysis factored in Trump’s plans to eliminate taxes on Social Security benefits, tips and overtime, his immigration proposals and his promise to impose steep tariffs.
www.forbes.com
Former President Donald Trump’s promise not to tax Social Security benefits, tips or overtime, along with his pledges to impose steep tariffs and expand deportations, would “dramatically worsen Social Security’s finances,” the Committee for a Responsible Federal Budget said Monday—the latest analysis of Trump’s plans to conclude they’d have a negative impact on the economy.
Under Trump’s plans, Social Security’s ten-year cash shortfall would increase by $2.3 trillion, and Social Security trust funds would run out of money three years earlier, by fiscal year 2031, compared to existing estimates, the nonpartisan public policy organization reported.
Trump’s proposal to end taxation of Social Security benefits would increase the cash deficit by about $950 billion by fiscal year 2035, while his proposal to end taxes on overtime and tips would add $900 billion, and restrictions on immigration, coupled with his tariff policies, would grow the deficit by $400 billion.
Harris has echoed Trump’s promise to eliminate taxes on tips and vowed not to raise taxes for people earning less than $400,000, though the committee did not address Harris’ plans in its report on how Trump’s policies would impact Social Security.
Under current law, which limits Social Security spending to the amount it receives in tax revenue, benefits would be cut by 23% by 2035, but under Trump’s plans, they would have to be cut by about 33%.
The cuts would have the most impact the lowest income earners who already don’t pay taxes on benefits, while the cuts to higher earners would be offset somewhat by an increase in average after-tax benefits.
The report is the latest to show that some of Trump’s proposals would hurt the economy, including a Wall Street Journal survey released last week that found 68% of 50 economists surveyed said inflation would be higher under Trump’s economic plans than Harris’.
