President Trump promises not to cut Social Security benefits but plans to eliminate benefit taxes.

From Nasdaq.: 2025-01-05 14:00:00

President-elect Donald Trump’s return to the Oval Office brings uncertainty about Social Security. Trump has promised not to cut benefits but plans to eliminate Social Security benefit taxes. The program is funded by payroll taxes, interest on trust funds, and income taxes on benefits. However, trust funds are projected to be depleted by 2034, leading to benefit cuts if not resolved. Trump’s proposal to eliminate benefit taxes may provide short-term relief but could deplete funds sooner. Congress must approve policy changes, so the impact depends on future decisions and support. Time will reveal the outcome.



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