Committee for a Responsible Federal Budget or similar reputable financial analysis reports

Trump's Tax Plans Could Drain Social Security in Six Years, Causing 33% Benefit Cuts

Oct 21, 2024, 02:31 PM

According to a new analysis by the Committee for a Responsible Federal Budget, former President Donald Trump's proposed tax policies could accelerate the depletion of the Social Security Trust Fund, potentially draining it within six years. The think tank estimates that Trump's plans would advance Social Security's insolvency by three years, increasing the program's ten-year cash shortfall by $2.3 trillion. This could lead to automatic benefit cuts of up to 33% by 2031, significantly impacting seniors' benefits. The proposals prioritize tax cuts for the wealthy and corporations while eliminating federal taxes on Social Security benefits, which, combined with other policies, could hasten the program's financial challenges.