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Former President Donald Trump on Wednesday called for scrapping the tax that seniors must pay on their Social Security checks.
“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” the 45th president straightforwardly wrote on Truth Social.
Taxation on Social Security dates back to a bipartisan reform measure signed into law by former President Ronald Reagan in 1983 that was intended to shore up the solvency of the program’s trust fund.
Generally speaking, there is a tax of up to 50% tax on one’s Social Security benefits if total income is between 25,000 and $34,000 – and up to an 85% tax on benefits when income is over $34,000, according to the Social Security Administration.
Trump, 78, made waves in his own party earlier this year with his vow to eliminate taxation on tips. During the Republican National Convention, he recounted how he formulated that proposal during a conversation with a waitress in Nevada.
During his administration, Trump had also mused about slashing payroll taxes, which help fund Social Security, but ultimately, he opted to allow for deferrals. He has recently dangled the possibility of revisiting that in a second term.
Throughout his 2024 campaign, Trump has demanded that Republicans refrain from cutting “a single penny” from Medicare or Social Security.
At one point, he suggested he was open to entitlement reform on CNBC’s “Squawk Box” but his campaign quickly backtracked.
The Republican Party’s platform, which was approved earlier this month and personally written in part by Trump, rules out cuts to Social Security and Medicare, including any potential lifting of the retirement age
nypost.com
“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” the 45th president straightforwardly wrote on Truth Social.
Taxation on Social Security dates back to a bipartisan reform measure signed into law by former President Ronald Reagan in 1983 that was intended to shore up the solvency of the program’s trust fund.
Generally speaking, there is a tax of up to 50% tax on one’s Social Security benefits if total income is between 25,000 and $34,000 – and up to an 85% tax on benefits when income is over $34,000, according to the Social Security Administration.
Trump, 78, made waves in his own party earlier this year with his vow to eliminate taxation on tips. During the Republican National Convention, he recounted how he formulated that proposal during a conversation with a waitress in Nevada.
During his administration, Trump had also mused about slashing payroll taxes, which help fund Social Security, but ultimately, he opted to allow for deferrals. He has recently dangled the possibility of revisiting that in a second term.
Throughout his 2024 campaign, Trump has demanded that Republicans refrain from cutting “a single penny” from Medicare or Social Security.
At one point, he suggested he was open to entitlement reform on CNBC’s “Squawk Box” but his campaign quickly backtracked.
The Republican Party’s platform, which was approved earlier this month and personally written in part by Trump, rules out cuts to Social Security and Medicare, including any potential lifting of the retirement age
Donald Trump calls for elimination of tax on Social Security
“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” the 45th president straightforwardly wrote on Truth Social.
nypost.com
