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According to Devin Carroll, Lead Advisor atCarroll Advisory Group, Trumps idea isnt new.
There have been several recent legislative proposals designed to help shore up Social Security for future generations.
), introduced the Social Security Expansion Act at a Senate Budget Committee hearing in June 2022.
As thepresidential election seasonprogresses, stay informed to what the candidates have to say on the issue.
Eliminating this tax would drastically reduce the inflow of funds, potentially jeopardizing the programs ability to pay benefits.
Therefore, taxpayers with incomes above those levels would see a direct benefit.
But nearly all of that benefit goes to high-income retirees who really dont need it.
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