Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits. But the plan could threaten entitlements, experts say.
Former President Donald Trump repeated his plan to eliminate taxes on Social Security benefits for seniors.
But the plan could accelerate insolvency for the Social Security and Medicare trust funds, experts say.The Republican nominee called for"no tax for seniors on Social Security" during a"Fox & Friends" interview Wednesday and during a press conference at his Mar-a-Lago club in Palm Beach, Florida, on Thursday.
"President Trump delivered on his promise to protect Social Security and Medicare in his first term" and will"continue to strongly protect Social Security and Medicare in his second term," Trump campaign national press secretary Karoline Leavitt said in a statement. She said Trump will boost the U.S. economy and strengthen Social Security,"all the while eliminating taxes on Social Security for America's well-deserving seniors.""In the short run, will provide a fairly modest benefit, on average, to Social Security beneficiaries," said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center."But nearly all of that benefit goes to high-income retirees who really don't need it.
The thresholds don't adjust for inflation, so"it's hitting middle-income people who have Social Security benefits and probably a pension or 401," Gleckman said.
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