Trump's plan to end Social Security benefit taxation could harm the program long term.

From Nasdaq: 2025-03-01 03:44:00

In January, nearly 52 million retired-worker beneficiaries received an average Social Security check of $1,978.77, proving vital to their financial well-being. Gallup surveys show that 80% to 90% of retirees rely on their Social Security payout to cover expenses.

President Trump aims to fulfill his promise to end taxation on Social Security benefits, doubling down on this commitment. However, removing this tax, even though popular among seniors, would greatly impact Social Security’s financial health, potentially accelerating benefit cuts by two years.

Eliminating the taxation of benefits would result in a significant loss of income for Social Security, potentially accelerating the depletion of asset reserves. This move, while popular, may ultimately cripple the program facing benefit cuts in the near future.



Read more at Nasdaq: Opinion: President Donald Trump’s Social Security Promise Would Cripple the Program