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Trump Proposes Ending Social Security Taxes as Election Debate Heats Up

Candidates' positions on Social Security and Medicare become central to voter decisions ahead of the presidential election.

Former President Donald Trump has proposed eliminating taxes on Social Security benefits.
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U.S. Republican Presidential nominee former President Donald Trump speaks to attendees during his campaign rally at the Bojangles Coliseum on July 24, 2024 in Charlotte, North Carolina. Trump said he supports seniors not paying Social Security taxes on Truth Social.

Overview

  • Trump's plan to eliminate Social Security taxes could accelerate the depletion of the program's trust funds.
  • Experts warn that removing the tax would benefit higher-earning seniors more and potentially lead to cuts in benefits.
  • The proposal could increase federal deficits by up to $1.8 trillion through 2035.
  • Biden and Harris advocate for raising taxes on the wealthy to extend Social Security and Medicare solvency.
  • Voters overwhelmingly consider Social Security a key issue, with many basing their votes on candidates' stances.