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And how would this tax policy change affect tax revenue and the broader economy?
The details of how he plans on eliminating this tax are currently unclear.
Trump reiterated his position in arecent interviewwith Fox & Friends.
And one of the things Im doing is no tax for seniors on Social Security.
Social Security income is not fully taxable until a certain level of income.
As of 2024, the Social Security Administration has stated the trust fund will become insolvent by 2035.
This shortfall could come sooner ifSocial Security taxesare no longer in play.
This could have a detrimental effect on future retirees.
Is Trumps Social Security Tax Plan a Good Idea?
There are good arguments on both sides, but we must consider the human impact.
Our society should aim to support seniors and the vulnerable after decades of hard work and public service.
If eliminating these taxes can achieve that goal without compromising essential programs, it deserves consideration.
Supporting seniors is always a good idea, but policy changes at this level should always consider the tradeoff.
In this case, that tradeoff could be sacrificing the income for future retirees.
Medicare is essential for their medical care.
While tax cuts provide short-term gains, we must consider long-term effects, especially on vulnerable groups.
This proposal may have some benefit, but the details matter.
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