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What will happen to Social Security under Trump's tax plan?

^{Published on 2024-12-15 08:41:01 - Detroit News}
 

• "Seniors should not pay tax on Social Security," President-elect Donald Trump said on social media during his campaign in July. Currently, some people who collect Social Security owe income tax on a portion of their benefits. Trump's plans to ...

The article from The Detroit News discusses the potential impacts of former President Donald Trump's tax plan on Social Security. Trump's proposed tax cuts, which include reducing individual income tax rates and eliminating certain taxes, could lead to a significant reduction in federal revenue. This reduction might exacerbate the already strained Social Security trust funds, which are projected to be depleted by 2035. The article outlines several scenarios: if the tax cuts are implemented without offsetting spending reductions or revenue increases, Social Security benefits might face cuts or the retirement age could be raised. Alternatively, if Congress opts to protect Social Security, other federal programs might see reductions, or the national debt could increase. The article also mentions that Trump's plan lacks specific details on how Social Security would be directly affected, leaving room for speculation and concern among experts about the future funding and sustainability of the program.

Read the Full Detroit News Article at:
[ https://www.detroitnews.com/story/business/personal-finance/2024/12/15/what-will-happen-to-social-security-under-trumps-tax-plan/76959009007/ ]

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