GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.

These brands compensate us to advertise their products in ads across our site.

This compensation may impact how and where products appear on this site.

Donald J. Trump and JD Vance hold campaign rally in Georgia, Atlanta, USA - 03 Aug 2024

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.

you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.

But it would likely be embraced with open arms by millions ofcash-strapped taxpayers.

facebook sharing button

Trump also has suggestedeliminating federal income taxes on Social Security benefits an idea that at least has bipartisan support.

Here are four reasons retirees and others might not wantTrump to eliminate income taxes.

It also would accelerate the insolvency of the Social Security and Medicare trust funds.

twitter sharing button

When the fund becomes insolvent, some lawmakers have suggestedcutting retirement benefitsto deal with the shortfall.

One target for cuts could be theAffordable Care Act(ACA), aka Obamacare.

Another fear is thatconsumer prices will skyrocket againbecause Americans will have less access to cheaper imported goods.

linkedin sharing button

More From GOBankingRates

Share This Article:

The Latest inTaxes

email sharing button