MJP –
Trump has stated on his social media accounts that the elderly should not be required to pay into Social Security, and he intends to put an end to this practice.
In a post on July 31st, capitalizing “Seniors should not pay tax on Social Security,” Trump made the same argument on Truth Social. He then reiterated the issue during an August 7th interview with Fox & Friends.
But Trump’s proposal to do away with the Social Security tax has its detractors.
The failure of Trump’s plan to compensate for the revenue that will be lost is a “fatal mistake,” claims Democratic Connecticut Representative John Larson.
“He announces a tax break but fails to explain how he will pay for it,” stated Larson, the ranking member of the House Ways and Means subcommittee on Social Security.
His plan would ultimately deplete the Social Security trust fund, as he put it.
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Some on social media have voiced the opinion that the federal government has grown “too rich” and that the general public should see a reduction in their tax burden.
Wednesday marked the 89th anniversary of the signing of the Social Security Act into law by President Franklin D. Roosevelt.
Nevertheless, the future of the SS program is still unclear. When the combined trust funds expire in 2035, they will have been depleted.
According to CNBC, beneficiaries might face a 17% reduction in benefits if Congress does not take action sooner.
There have been several proposals to do away with taxes on Social Security benefits, not only Trump’s.
You Earned It, You Keep It Act, a House Democratic bill presented in January also proposes to deduct Social Security benefits from taxable income.
According to recent estimates made by the non-partisan Senior Citizens League, the plan, if passed, would result in an annual savings of over $560 for the average senior home.
Larsen proposes taxing the wealthy at an even greater rate. However, the purchasing power of the upper-middle and upper classes is also diminished by this scheme.
Every member of the working class is feeling the effects of the increased tax burden, not just the rich.
