Donald Trump has claimed he will stop taxing the Social Security benefits of seniors if he wins a second term in the White House.
The cut is the latest in a series of tax relief policies which Democrats claim with endanger federal benefits and see the U.S’ debt balloon. Others say Congress would be unlikely to pass the plans.
But this latest proposal made on Fox and Friends is the most significant and expensive yet, costing the government $1.8 trillion over the next decade, according to the Committee for a Responsible Federal Budget.
They claim the cuts would see Federal benefits dry up sooner than expected.
‘People on Social Security are being killed,’ Trump said.
‘One of the things I’m doing is no tax for seniors on Social Security, and I’ll get it done quickly.
‘No tax for seniors on Social Security.’
About 40 percent of people receiving Social Security have to pay federal income taxes on their benefits, according to the Social Security Administration.
Taxes on Social Security apply to individuals with household incomes above $25,000 and married couples with an income above $32,000. They pay 50 percent tax on that income.
Singles with incomes of more than $34,000 – $44,000 for couples – are also taxed on an additional 35 percent of their incomes.
All that revenue goes towards paying for Medicare.
The taxes help fund the Social Security and the Medicare Hospital Insurance trust funds.
Experts fear eliminating taxes on Social Security could run up the deficit and move up insolvency for the funds used to pay out those benefits.
The Committee for a Responsible Federal Budget estimates that by ending taxes on Social Security, the trust fund would become insolvent are year earlier than estimated.
As of now, it is projected that the fund faces insolvency in 2033, so the plan would bring that up to 2032. Medicare insolvency would move up by six years to 2030.
At the same time, any proposal to end taxing Social Security would have to go through Congress where lawmakers have been split on the issue.
There have been proposals in recent years to end taxing the benefits for seniors, but there have been different suggestions on how to make up the revenue shortfalls.
When asked about the cost of the proposal in a recent interview on Fox Business, Trump dismissed concerns. He said the pressing deadline for address Social Security would force Congress to act.
‘Well, you know, one of the things good about that is that’s when people will make a deal, you know that, but we’re going to take care of Social Security,’ the ex-president said.
It might pass if Congress gets majority and the Republican RINOs are thrown out. But the Democrats have brainwashed people to believe otherwise. They are happy with giving the breaks to welfare people who give nothing back. This is called buying their votes. There are too many people on the welfare rolls who don’t deserve these free handouts.
A long time ago, Social Security wasn’t taxed. Who fixed that? Chester the Molester, AKA Chomo Joe.
That was back when he was a supposed Senator. The scumbag has been bleeding America dry ever since.
For all the money he’s given to ukraine, this could’ve been a reality a long time ago.