Trump: I Will End Taxes on Social Security

From Newsmax.com (July 31):

Former President Donald Trump pushed the idea of axing the tax that seniors pay on their Social Security checks in a Truth Social post on Wednesday.

"SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" the Republican presidential nominee wrote.

The bipartisan reform measure that established taxation on Social Security was signed into law by former President Ronald Reagan in 1983. It was intended to strengthen the financial solvencyof the program's trust fund.

According to the Social Security Administration, up to 50% of one's Social Security benefits can be taxed if total income is between $25,000 and $34,000. When income is more than $34,000, up to 85% of Social Security benefits can be taxed.

Earlier this year, Trump, 78, caused a stir within the GOP when he pledged to end taxation on tips, after a conversation with a waitress in Nevada. During the Republican National Convention in Milwaukee this month, he recounted the story of how he came up with the proposal.

Trump considered reducing payroll taxes — which help fund Social Security — during his administration, but opted instead to allow for deferrals. He recently said he may revisit that idea if elected to a second White House term.

The Republican Party platform prohibits cuts to Medicare or Social Security, and also rules out raising the retirement age. It was approved earlier this month and written in part by Trump, who has called on Republicans to not cut "a single penny" from the entitlement programs.

The Congressional Budget Office (CBO) and other groups have estimated that the Social Security and Medicare trust funds will dry up by the mid-2030s, which would trigger an automatic 21% cut to Social Security benefits and an 11% cut to Medicare Part A benefits, barring a congressional remedy.

In addition to his proposals for no taxes on tips and Social Security benefits, Trump has also floated lowering the corporate tax rate from 21% to 15%, something he originally mentioned while campaigning in 2016.

During his first administration, one of Trump's distinguishing legislative accomplishments was corporate tax reform.

Additional tax cuts are likely to encounter some resistance, however, as the CBO has projected the national deficit for fiscal year 2024 to be $1.9 trillion. [source]

Great idea. Nice.  The Republicans in Congress need to have the bill ready for President Trump to sign if he gets re-elected.