For all Dems to scream from rooftops. Trump is going to gut and shred social security
Oct 21, 2024 US Budget Watch 2024 Social Security
The Social Security trust funds will be insolvent by Fiscal Year (FY) 2034, according to projections by the Congressional Budget Office (CBO), at which point the law calls for a 23 percent cut in benefits.1 Restoring solvency over the next 75 years would require the equivalent of reducing all future benefits by 24 percent or increasing revenue by 35 percent.
Vice President Kamala Harris has said she would “protect Social Security” and former President Donald Trump has said he would “fight for and protect Social Security.” Unfortunately, neither candidate has presented plans to fix Social Security’s finances despite the looming $16,500 cut facing a typical couple retiring just before insolvency.
In fact, we find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.2
President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits. Under our central estimate, we find that President Trump’s agenda would:
Increase Social Security’s ten-year cash shortfall by $2.3 trillion through FY 2035.
Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third.
Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law.
Increase Social Security’s annual shortfall by roughly 50 percent in FY 2035, from 3.6 to 4 percent of payroll.
Require the equivalent of reducing current law benefits by about one-third or increasing revenue by about one-half to restore 75-year solvency.
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NEW: For all Dems to scream from rooftops. Trump is going to gut and shred social security - with 33 percent cuts driving social security to insolvency by 2031. (1/2)
11:53 AM · Oct 21, 2024
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His tax cuts for the rich will drain $2.3 trillion from trust funds. In other words Trump is going to rob the poor to help his rich buddies (bosses). (2/2) https://crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security
12:04 PM · Oct 21, 2024
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Just irresponsible. Read this for more info.
https://www.ssa.gov/policy/docs/policybriefs/pb2011-02.html
“ Summary
As of 2011, payroll taxes for Social Security are applied to the first $106,800 of an individual's earnings.1 This taxable maximum (or "tax max"
increases annually, according to growth in the national average wage index.2 However, Social Security's projected funding shortfall has led some policymakers to propose increasing the tax max beyond the indexed levels to help restore financial balance. This brief does not take any position for or against modifying the tax max; instead it provides context for the Social Security reform debate by summarizing the changes that have occurred in the tax max and covered earnings since 1937.”
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