Goodbye to Social Security checks in 2031? This is what some experts say will happen if Trump wins
Almost 70 million Americans receive Social Security checks, but this benefit could be slashed if Trump becomes president and implements his platforms.
Former president Donald Trump has spoken out on his plans for Social Security as he campaigns for the votes of Americans.
He has pledged to protect the program, but one of his campaign promises could lead to the depletion of the fund and leave its beneficiaries with diminished checks, according to a public policy watchdog.
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Goodbye to Social Security checks in 2031? This is what some experts say will happen if Trump wins
Trump has said his administration would stop taxing Social Security benefits, a promise that initially sounds appealing to those who receive checks from the program.
However, such a move could lead the program’s trust funds to run out by 2031, three years earlier than originally projected, according to a study by the Committee for a Responsible Federal Budget, a nonpartisan public policy group that tackles fiscal issues.
The organization says Social Security will be nine years away from insolvency by the time the next president begins serving their term, and that the tax cuts proposed by Trump would cut that time to only six years.
The committee says the Republican’s platform of cutting taxes from benefits would remove an income stream Social Security has been using to finance its programs.
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His proposal to end taxes on overtime pay and tips could also weaken the government agency’s finances by reducing payroll tax collection that goes to Social Security trust funds.
According to the watchdog, monthly Social Security payments would be 33% smaller in 2035 if Trump’s promises were implemented.
“I don’t think I’ve ever seen a plan that would have this big of a negative effect on solvency in a general election campaign,” said committee senior policy director Marc Goldwein, per CNN.
Trump’s campaign has criticized the committee’s analysis, and claims their candidate will strengthen Social Security for future generations.