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Hes a vocal advocate of imposing stiff tariffs on imported goods to help protectU.S.
manufacturing, but those tariffs typically lead to much higher prices on consumer goods.
Trumps reasoning is that higher prices could be offset by eliminating income taxes.
Of course, if he eliminates income taxes altogether, taxes on Social Security benefits would naturally follow.
But if you have outside income, theres a good chance youll have to pay taxes.
Depending on your income, either 50% or 85% of your benefits will be taxable.
With no more income taxes, those payments and withholdings will no longer apply.
Payroll taxes currently fund about 77% of benefits, but the program also gets money from income taxes.
Some lawmakers have suggested cutting retirement benefits to deal with the shortfall when the fund becomes insolvent.
However, Trump would have to sign off on legislation, which is no sure thing.
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