{"id":2344825,"date":"2024-09-23T13:03:10","date_gmt":"2024-09-23T17:03:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/where-do-trump-and-harris-stand-on-social-security-washington-examiner\/"},"modified":"2024-09-23T13:05:42","modified_gmt":"2024-09-23T17:05:42","slug":"where-do-trump-and-harris-stand-on-social-security-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/where-do-trump-and-harris-stand-on-social-security-washington-examiner\/","title":{"rendered":"Where do Trump and Harris stand on Social Security &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/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%2Fwhere-do-trump-and-harris-stand-on-social-security-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=2344825&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>The article \u2062discusses the positions\u2062 of former President Donald Trump and Vice President Kamala Harris regarding \u200cSocial Security,\u2064 particularly in the context of the upcoming \u200celection cycle. With the \u200cSocial Security trust \u200cfund projected to \u200dbecome \u200cinsolvent by\u2064 2032, and\u2064 a $23.2 \u2063trillion funding shortfall over 75 years, Social Security has become a significant concern for many voters.<\/p>\n<p>Both Trump and Harris claim to support the protection of Social Security benefits, but neither has\u200b proposed a comprehensive solution to the funding issues at hand. Trump&#8217;s campaign has ruled out raising the retirement age or cutting benefits, suggesting instead to eliminate taxes on Social Security benefits, a move that experts warn could worsen the\u2063 program&#8217;s financial shortfall. He \u2062has also floated the idea of funding Social Security by selling oil and gas reserves, \u200balthough analyses show this \u2062would cover only\u200b a small fraction of the projected deficit.<\/p>\n<p>Meanwhile, Harris, backed by President Biden, supports eliminating the \u2062cap on payroll taxes, which currently stands at $168,600, to increase funding for the program. The \u2064article highlights the political implications of each candidate&#8217;s stance, noting that Congress will \u200bultimately \u2064need to amend the Social Security Act\u2063 to address funding needs, with the president&#8217;s leadership\u200b influencing legislative pressure.  <\/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\">Where do Trump and Harris stand on Social Security<\/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_1731477\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The trust fund financing <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/social-security\/\" target=\"_blank\" rel=\"noopener\" title>Social Security<\/a> benefits for 51 million retired workers and 6 million survivor beneficiaries is <a href=\"https:\/\/www.crfb.org\/blogs\/donald-trumps-suggestion-end-taxation-social-security-benefits\" target=\"_blank\" rel=\"noopener\" title>projected<\/a> by the Committee for Responsible Federal Budget to become insolvent by 2032 &mdash; potentially cutting benefits by up to 21%.&nbsp;<\/p>\n<div class=\"article-paywall\">\n<p>With <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3161695\/why-efforts-stave-off-social-security-exhaustion-fizzled\/\" target=\"_blank\" rel=\"noopener\" title>looming fear<\/a> that Social Security beneficiaries may see smaller checks, Social Security has become the topic with the second-highest number of searches this <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/2024-elections\/\" target=\"_blank\" rel=\"noopener\" title>election cycle<\/a>, according to the <a href=\"https:\/\/apnews.com\/projects\/election-results-2024\/google-trends\/\" target=\"_blank\" rel=\"noopener\" title><em>Associated Press.<\/em><\/a><\/p>\n<p>While both former President Donald Trump and Vice President Kamala have vowed to protect Social Security benefits, neither have offered a thorough plan that will completely address the <a href=\"https:\/\/www.fool.com\/retirement\/2024\/06\/30\/grim-reality-trump-biden-social-security-proposals\/\" target=\"_blank\" rel=\"noopener\" title>$23.2 trillion funding shortfall over the next 75 years<\/a>.<\/p>\n<p>Ultimately, it will be up to Congress to amend the Social Security Act in order to make changes necessary to meet the funding needs of the program. However, the president will set the tone and put pressure on Congress to act.<\/p>\n<p>Here is the rundown of what both Trump and Harris have previously said about their efforts to preserve Social Security.&nbsp;<\/p>\n<h2 class=\"wp-block-heading\">Donald Trump<\/h2>\n<p>While the Republican Study Committee, a conservative caucus composed of 80% of all House Republicans, suggests raising the age to receive benefits &ldquo;to account for increases in life expectancy,&rdquo; Trump&rsquo;s campaign stands firm that he will not raise the retirement age nor would he make cuts to benefits.&nbsp;<\/p>\n<p>Trump has suggested that he would end taxation on Social Security benefits, giving retirees a potential boost in the value of their checks. However, this plan wouldn&rsquo;t bring any relief to the shortfall. In fact, tax expert Garrett Watson suggests Trump&rsquo;s proposal to be &ldquo;unsound and irresponsible.&rdquo; He estimates that eliminating taxes from Social Security benefits would actually reduce revenue by $1.4 trillion from 2025 to 2034. Through this proposal, Social Security would reach insolvency two years faster than if Congress does not act at all.&nbsp;<\/p>\n<p>The former president also suggested during a<a href=\"https:\/\/www.youtube.com\/watch?v=3zFfM61kK6c\" target=\"_blank\" rel=\"noopener\" title> town hall meeting<\/a> in December that Social Security could be funded by selling oil and gas reserves.&nbsp;<\/p>\n<p>But the Committee for a Responsible Federal Budget conducted an analysis that found oil and gas leasing revenues would just cover 4% of Social Security&rsquo;s projected shortfall.<\/p>\n<p>Meanwhile, Trump criticized the Biden-Harris administration for its lax immigration policies, saying they would be a drain on Social Security.&nbsp;<\/p>\n<p>In a television ad, the Trump campaign warns seniors that illegal immigrants will be cutting into their benefits.<\/p>\n<p>&ldquo;Attention seniors: Kamala Harris has promised amnesty for the 10 million illegals she allowed in as border czar making them eligible for Social Security,&rdquo; the narrator <a href=\"https:\/\/x.com\/MediumBuying\/status\/1828933909582594097\" target=\"_blank\" rel=\"noopener\" title>says<\/a>. &ldquo;Studies warn this will lead to cuts in your Social Security benefits.&rdquo;<\/p>\n<p>While Border Patrol agents may have recorded 10 million encounters at the southern border, this does not mean there are <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-gop-outline-failing-democrat-policies\/\" title=\"House GOP outline failing Democrat policies\">10 million illegal immigrants<\/a> who are now in the United States.<\/p>\n<p>Regardless, the Center for Immigration Studies reported that amnesty would actually pose a great cost burden on both Social Security and Medicare.&nbsp;<\/p>\n<p>&ldquo;If 10 million illegal immigrants receive amnesty, the total cost to Social Security and Medicare Part A would be roughly $1.3 trillion in present value, equivalent to a one-time transfer of 6 percent of GDP,&rdquo; the report <a href=\"https:\/\/cis.org\/Report\/Amnesty-Would-Impose-Large-Costs-Social-Security-and-Medicare\" target=\"_blank\" rel=\"noopener\" title>stated<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">Kamala Harris&nbsp;<\/h2>\n<p>During the June presidential debate, President Joe Biden shared he is in support of eliminating the cap on payroll taxes, which are largely responsible for funding Social Security. The current tax cap is set at $168,600, meaning taxpayers don&rsquo;t have to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-president-trump-gives-pardons-to-73-individuals-and-commutes-another-70-sentences-steve-bannon-is-included\/\" title=\"BREAKING: President Trump Gives Pardons to 73 Individuals and Commutes Another 70 Sentences \u2013 Steve Bannon Is Included\">pay payroll taxes<\/a> on more money earned. However, Biden has suggested putting additional taxes on income above $400,000. Essentially, if a person made $500,000 a year, then they would be taxed on the first $168,600 and then on the additional $100,000 made.<\/p>\n<p>An <a href=\"https:\/\/www.ssa.gov\/oact\/solvency\/JLarson_20230712.pdf\" target=\"_blank\" rel=\"noopener\" title>analysis<\/a> conducted by the Social Security&rsquo;s office found that enacting Biden&rsquo;s plan would actually move the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-is-going-broke-in-13-years\/\" title=\"Social Security Is Going Broke in 13 Years\">projected depletion date<\/a> of the trust&nbsp;back by about 32 years.<\/p>\n<p>While serving in Congress, then-Sen. Kamala Harris co-sponsored the<a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/senate-bill\/478\" target=\"_blank\" rel=\"noopener\" title> Social Security Expansion Act<\/a>, which included a measure reinstating payroll taxes for income made over $250,000 a year.&nbsp;<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\"><strong><\/strong><\/a><\/p>\n<p>However, several experts raise concerns that some people would be paying more into the system than they will actually receive when it comes time for them to retire.&nbsp;<\/p>\n<p>With over 50 million recipients facing the risk of losing benefits, both Democrats and Republicans, regardless of who is in the Oval Office, will face increasing pressure to ensure the trust does not become insolvent.<\/p>\n<\/div>\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_1731477\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1731477\"}});<\/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>**Where do Trump and Harris stand on Social Security?**<\/p>\n<p>The trust fund that supports Social Security benefits for 51 million retirees and 6 million survivors is expected to run out of funds by 2032, according to the Committee for Responsible Federal Budget. This could lead to benefit reductions of up to 21%. As concerns grow about potential decreases in Social Security payments, the topic has become one of the most searched issues in this election cycle, as reported by the Associated Press. Both former President Donald Trump and Vice President Kamala Harris have pledged to safeguard Social Security benefits; however, neither has presented a comprehensive plan to tackle the $23.2 trillion funding gap projected over the next 75 years. Ultimately, Congress will need to revise the Social Security Act to address these funding challenges, but it will be up to the president to influence Congress&#8217;s actions.<\/p>\n<p>**Donald Trump**<\/p>\n<p>While a conservative group within Congress suggests raising the retirement age due to increased life expectancy, Trump&#8217;s campaign insists he will not support such changes or cuts in benefits. He has proposed eliminating taxes on Social Security benefits which could enhance retirees&#8217; checks but would not alleviate funding shortfalls. Tax expert Garrett Watson criticized this idea as &#8220;unsound and irresponsible,&#8221; estimating it would decrease revenue by $1.4 trillion from 2025-2034 and hasten insolvency by two years if no other actions are taken. Additionally, during a town hall meeting in December, Trump mentioned that selling oil and gas reserves could help fund Social Security; however, an analysis found that such leasing revenues would only cover about 4% of its projected shortfall.<\/p>\n<p>Trump also criticized Biden-Harris immigration policies as detrimental to Social Security finances through a campaign ad warning seniors about illegal immigrants affecting their benefits\u2014claiming Kamala Harris promised amnesty for millions who might then qualify for those benefits. However, while Border Patrol recorded many encounters at the southern border, this does not equate directly with current illegal immigrant numbers in America.<\/p>\n<p>**Kamala Harris**<\/p>\n<p>In a June presidential debate alongside President Biden\u2014who supports removing payroll tax caps\u2014Harris co-sponsored legislation aimed at expanding social security through reinstating payroll taxes on income exceeding $250k annually while Biden suggested additional taxes on earnings above $400k per year. An analysis indicated that implementing Biden\u2019s proposal could extend trust fund solvency by approximately 32 years.<\/p>\n<p>Despite these proposals aiming at strengthening funding sources for social security amidst fears over benefit loss among more than fifty million recipients both parties face mounting pressure regardless of who occupies The White House\u2014to ensure long-term viability against insolvency risks ahead!<\/p>\n","protected":false},"author":2542,"featured_media":2344826,"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\/08\/Trump_Social_Security_771_5.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[4021,5894,33104,3634,32076],"class_list":["post-2344825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-harris","tag-politics","tag-social-security","tag-trump","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/Trump_Social_Security_771_5.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2344825","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\/2542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2344825"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2344825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2344826"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2344825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2344825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2344825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}