Social Security Is Changing Under President Trump, but Benefit Cuts Are Still Possible in the Next Decade
President Trump during his campaign proposed ending taxes on Social Security benefits. But that change is unlikely for one reason: Social Security already faces a serious financial problem that may lead to trust fund insolvency and benefit cuts within 10 years. Ending taxes on benefits would make that problem worse and hasten the timeline to benefit cuts.Importantly, while Social Security has undergone other changes since Donald Trump's return to the White House, none are large enough to prevent trust fund insolvency. Here are the important details.Image source: Official White House Photo by Shealah Craighead.Continue reading
President Trump during his campaign proposed ending taxes on Social Security benefits. But that change is unlikely for one reason: Social Security already faces a serious financial problem that may lead to trust fund insolvency and benefit cuts within 10 years. Ending taxes on benefits would make that problem worse and hasten the timeline to benefit cuts.
Importantly, while Social Security has undergone other changes since Donald Trump's return to the White House, none are large enough to prevent trust fund insolvency. Here are the important details.
Image source: Official White House Photo by Shealah Craighead.
