Trump's Tax Plans May Cause 33% Social Security Cut by 2031, Draining $2.3 Trillion

Oct 21, 2024, 12:32 PM

A new analysis by the Committee for a Responsible Federal Budget indicates that former President Donald Trump's proposed tax policies could accelerate the insolvency of the Social Security Trust Fund, leading to significant benefit cuts for seniors. The organization's report suggests that Trump's plans, which include ending the payroll tax that funds Social Security and implementing additional tax cuts, could deplete the trust fund by 2031, advancing insolvency by three years and potentially leading to a 33% reduction in benefits. The proposed policies could drain $2.3 trillion from Social Security and add over $9 trillion to the national debt over a decade. Trump has publicly stated his intention to "end the tax on Social Security," emphasizing tax relief but raising concerns about the program's long-term viability. One budget analyst remarked, "I can't think of anything that would be this order of magnitude" in its detrimental effect on Social Security.