Trump wants to cut taxes on Social Security — but it could threaten benefits, experts say
Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy experts say.
The Republican nominee called for “no tax for seniors on Social Security” during a “Fox & Friends” interview Wednesday and during a press conference at his Mar-a-Lago club in Palm Beach, Florida, on Thursday.
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Some experts have criticized Trump’s plan, citing concerns about the federal budget deficit and the solvency of Social Security and Medicare trust funds.
Repealing the tax could increase the budget deficit by $1.6 trillion to $1.8 trillion through 2035, according to a recent analysis from the Committee for a Responsible Federal Budget.
Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation, described the plan as “unsound and fiscally irresponsible” in a blog post.