Getty Images; Jenny Chang-RodriguezTrump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.Experts warn these cuts could deplete the Social Security fund three years earlier than expected.Low-income baby boomers and younger generations would be most hurt by Trump's proposal.Donald Trump plans to make changes to America's Social Security system with his return to the White House in January.The president-elect promised on the campaign trail to cut taxes on Social Security benefits in his second term."People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox & Friends" in August.For some baby boomers, lower Social Security taxes could mean larger monthly checks in the short-term.
Similar Stories to Trump's Plan For Social Security Will Help Baby Boomers In The Short Term And Cut Benefits For Anyone Younger on Bing News
allisonkelly@businessinsider.com (Allie Kelly), Business Insider
Sun, 11/10/2024 - 2:00am
Topics: fox & friends images jenny chang-rodrigueztrump donald trump america's social security white house january august taylor lee belmont capital advisors bi trump's social security americans administration october committee responsible federal budget ira trump social security house lee lee lee business insider congress budget office security plan cut benefits younger baby boomers short term retirement taxes tax income people fund retirees generations campaign hurt years low-income living pay current rely promised monthly future president-elect return told quickly feel earlier national financial class added middle tariffs older promises savings funding beneficiaries
BING NEWS:
- Social Security Benefit Cuts May Be Coming Soon. Here's How to Plan for Them.
Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, ...
11/9/2024 - 8:59 pm | View Link - Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger
Trump promised to cut Social Security taxes. Experts say the plan could slash benefits for low-income retirees and younger generations.
11/9/2024 - 8:11 pm | View Link - What a second Trump term could mean for your money | Analysis
Then there is Trump’s plan for increased tariffs. It’s hard to estimate whether your financial situation will improve in his second term ... Social Security has long faced a financing problem, in ...
11/9/2024 - 1:00 am | View Link - Trump’s plan to cut taxes on Social Security benefits may cost beneficiaries more in the long run
President-elect Donald Trump has had his eye on Social Security, but his latest proposal — to cut taxes on benefits — may not have the effect beneficiaries would want, experts said. Trump, who will ...
11/8/2024 - 5:22 am | View Link - Trump’s second term will look nothing like his first
He summed up his approach to a second term as such ... defense secretaries, a national security adviser, a national intelligence adviser and an attorney general — have abandoned Trump ...
11/6/2024 - 12:08 am | View Link - More
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