{"id":2316709,"date":"2024-07-31T13:00:01","date_gmt":"2024-07-31T17:00:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-proposes-eliminating-taxes-on-social-security-benefits-for-seniors-washington-examiner\/"},"modified":"2024-07-31T13:02:33","modified_gmt":"2024-07-31T17:02:33","slug":"trump-proposes-eliminating-taxes-on-social-security-benefits-for-seniors-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-proposes-eliminating-taxes-on-social-security-benefits-for-seniors-washington-examiner\/","title":{"rendered":"Trump proposes eliminating taxes on Social Security benefits for seniors &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-proposes-eliminating-taxes-on-social-security-benefits-for-seniors-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2316709&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former President Donald\u200c Trump recently proposed eliminating taxes on Social Security benefits for seniors, a significant shift from established tax policy. Making \u2064the announcement\u200c on his Truth Social platform, Trump declared, \u201cSENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!\u201d\u2062 Currently, seniors can \u200dbegin\u2062 claiming Social Security at age 62, but they\u2062 face taxation\u2063 on up to 85% of their benefits\u2063 based on their total income, a policy initiated in 1984 under President Ronald Reagan.<\/p>\n<p>This proposal appears strategic as seniors represent a crucial voting demographic for Trump in the upcoming elections. It follows his\u2064 earlier \u2062pledge to end taxation on tips, aiming to appeal to hospitality workers. However, \u2062any such tax reforms would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pa-election-official-warns-of-major-delays-in-vote-counting-for-midterm-elections\/\" title=\"PA Election Official Warns of Major Delays in Vote Counting for Midterm Elections\">require legislative approval<\/a>, and similar legislation to eliminate\u200c taxes on\u200b Social Security was proposed\u2063 earlier this year by Rep. Angie\u200d Craig and supported by other Democrats.<\/p>\n<p>Trump&#8217;s proposal raises concerns about increasing the budget deficit, projected at $1.9\u200c trillion for the current fiscal year, unless\u2062 offset by other\u2064 revenue measures. \u200chis tax proposals \u200breflect a targeted approach \u200bto garner support from senior voters, amid a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-says-he-left-nice-note-for-biden-when-leaving-office\/\" title=\"Trump left a &#039;nice note&#039; for Biden upon leaving office, he says.\">contentious political landscape<\/a>.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump proposes eliminating taxes on Social Security benefits for seniors<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1714762\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a> on Wednesday said that seniors shouldn&rsquo;t pay taxes on <a href=\"http:\/\/CLICK%20HERE%20TO%20READ%20MORE%20FROM%20THE%20WASHINGTON%20EXAMINER\" target=\"_blank\" rel=\"noopener\" title>Social Security<\/a>, a departure from decades of <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/taxes\/\" target=\"_blank\" rel=\"noopener\" title>tax policy<\/a>.<\/p>\n<p>Trump made the announcement on his Truth Social platform. He wrote: &ldquo;SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!&rdquo;<\/p>\n<p>Social Security can be claimed starting at age 62, although benefits increase the longer one waits to claim them, with benefits capping out at a retirement age of 70.<\/p>\n<p>The taxation of Social Security began in 1984 with legislation signed by President Ronald Reagan. Seniors receiving Social Security income pay taxes on 50% of their income from the program, and in some cases, as high as 85% if their combined income from other sources pushes them above a certain threshold.<\/p>\n<p>Seniors are a key demographic that Trump needs to win the election. His Social Security proposal comes soon after he also made an appeal to hospitality workers by calling for an end to taxation of tips. <\/p>\n<p>At June rally in Las Vegas, Trump <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/3033774\/trump-promises-to-end-taxes-on-tip-wages-at-las-vegas-rally\/\" target=\"_blank\" rel=\"noopener\" title>announced that<\/a> he would move to exclude federal taxes from tips. Notably, the service industry-heavy Nevada is a key battleground state and has the highest concentration of tipped workers in the U.S. There are millions of tipped workers in the U.S. more broadly, and more than two million waiters and waitresses alone, according to the Bureau of Labor Statistics.<\/p>\n<p>For his new tax proposals, Trump would have to get the approval of lawmakers in what could be a divided Congress. <\/p>\n<p>Earlier this year, Rep. Angie Craig (D-MN) introduced <a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/7084\" target=\"_blank\" rel=\"noopener\" title>legislation<\/a> that would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/waitress-gave-trump-idea-for-plan-to-exempt-tips-from-taxes-gop-senators\/\" title=\"GOP senators say waitress inspired Trump&#039;s plan to tax-exempt tips\">eliminate federal taxes<\/a> on Social Security. The bill was sponsored by about a dozen other Democrats.<\/p>\n<p>The bill would be paid for by raising the cap on the Social Security payroll tax for high earners.<\/p>\n<p>The proposal by Trump, unless there were pay-fors associated with the tax&rsquo;s elimination, would increase the budget deficit, which is projected <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3049896\/budget-deficit-rise-1-9-trillion-this-fiscal-year\/\" target=\"_blank\" rel=\"noopener\" title>to be $1.9 trillion<\/a> this fiscal year. The national debt also <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3102882\/national-debt-35-trillion-us-fiscal-reckoning\/\" target=\"_blank\" rel=\"noopener\" title>hit $35 trillion<\/a> this week, highlighting the fiscal challenges the country is facing.<\/p>\n<p>Major deadlines for Social Security and Medicare are also coming in the 2030s unless something is done to stabilize the programs.<\/p>\n<p>The combined Social Security trust fund will become exhausted in 2035, the programs&rsquo; trustees projected in May. The trustees predict that the combined Social Security trust fund and Disability Insurance trust fund will only be enough to pay 83% of scheduled benefits sometime in 2035.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>&ldquo;The most important thing we can do for seniors is to fix Social Security before the trust funds become insolvent,&rdquo; Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told the <em>Washington Examiner<\/em> after Trump made his social media post. &ldquo;Pandering to them does nothing to avoid the across-the-board benefit cut we are currently heading towards.&rdquo;<\/p>\n<p>Trump has consistently pledged to seniors &mdash; who are a crucial voting bloc in the coming election &mdash; that he won&rsquo;t touch Social Security if he is elected. <\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1714762\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1714762\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump suggests removing taxes on Social Security benefits for seniors. On Wednesday, former President Donald Trump stated that seniors should not be taxed on their Social Security income, marking a significant shift from long-standing tax policy. He shared this message on his Truth Social platform, declaring: \u201cSENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!\u201d Individuals can start claiming Social Security at age 62, with benefits increasing if they wait longer to claim them, peaking at age 70. The taxation of these benefits began in 1984 under legislation signed by President Ronald Reagan. Currently, seniors are taxed on up to 50% of their Social Security income, and in some cases up to 85%, depending on their total income from other sources.<\/p>\n<p>Seniors represent a vital voting demographic for Trump as he prepares for the upcoming election. His proposal follows another recent initiative aimed at hospitality workers where he called for an end to tip taxation during a rally in Las Vegas\u2014a state known for its service industry and high number of tipped workers.<\/p>\n<p>For Trump&#8217;s tax proposals to be enacted, they would require approval from lawmakers in what may be a divided Congress. Earlier this year, Rep. Angie Craig (D-MN) introduced legislation aimed at eliminating federal taxes on Social Security with support from several other Democrats; this bill would fund the change by raising the cap on payroll taxes for high earners.<\/p>\n<p>Without funding mechanisms linked to Trump&#8217;s proposal, it could exacerbate the budget deficit projected at $1.9 trillion this fiscal year while national debt recently reached $35 trillion\u2014underscoring significant fiscal challenges ahead. Additionally, critical deadlines regarding the stability of Social Security and Medicare loom in the coming decade; projections indicate that the combined trust funds will deplete by 2035 and only cover about 83% of scheduled benefits thereafter.<\/p>\n<p>Maya MacGuineas, president of the Committee for a Responsible Federal Budget commented after Trump&#8217;s announcement that addressing issues within Social Security is essential before insolvency occurs rather than simply appealing to senior voters without substantive solutions. Throughout his campaign efforts targeting seniors\u2014a key voting group\u2014Trump has consistently promised not to alter their benefits if re-elected<\/p>\n","protected":false},"author":2683,"featured_media":2316710,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/trump-social-security.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[33104,10964,3634],"class_list":["post-2316709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-social-security","tag-taxes","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/trump-social-security.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2316709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2316709"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2316709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2316710"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2316709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2316709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2316709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}