Trump Wants To Eliminate Social Security Taxes: How Much Retirees Could Save Annually

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DONALD TRUMP speaks to supporters at Cobb Energy Performing Arts Center north of Atlanta on first day of early voting in this swing state.

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So, how much would the repealsave retirees?

All else being equal, that amounts to about $527 in 2024 dollars after adjusting for inflation.

The taxable amount of your Social Security benefit appears on Line 6b.

Subtract both of those amounts from the adjusted gross income (AGI) on Line 11.

Next, subtract the amount shown on Line 14.

This is your AGI without taxable Social Security and tax-exempt interest.

Then calculate your savings by subtracting that amount from the tax you paid.

After that, payroll withholding would fund only about 79% of current benefits.

And that, in turn, could reduce retirees Social Security benefits by 25%.

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