Donald Trump's plan would change Social Security for millions

Former President Donald Trump said he would change Social Security taxes for millions of people during an interview on Fox & Friends Wednesday morning.

Social Security taxes currently apply to individuals with combined incomes of more than $25,000. For individuals earning between $25,000 and $34,000, up to 50% of benefits are taxable. For those earning more than $34,000, up to 85% of benefits may be taxable. The income limit varies by filing status.

During the interview, the Republican presidential candidate said he would change federal rules for seniors, who often struggle to make ends meet on their fixed incomes.

Former President Donald Trump answers questions at the National Association of Black Journalists annual convention in Chicago, Illinois, on July 31. Trump said he plans to eliminate Social Security taxes for seniors. Former President Donald Trump answers questions at the National Association of Black Journalists annual convention in Chicago, Illinois, on July 31. Trump said he plans to eliminate Social Security taxes for seniors. KAMIL KRZACZYNSKI/AFP via Getty Images

“There are a lot of things we can do to help people,” Trump said. “People on Social Security are being killed, and one of the things I’m doing is not taxing seniors on Social Security, and I’m going to do that quickly.”

Trump also said he would eliminate taxes on tips and said the immigrant population was putting a strain on the retirement program.

“They’re going to destroy Social Security because millions of people are coming into our country and they’re putting them on Social Security,” Trump said. “They’re putting them on Medicare.”

Under Social Security Administration rules, immigrants living legally in the United States are eligible for Social Security benefits if they have enough work credits. However, immigrants living illegally in the country are generally excluded from receiving retirement benefits unless they have received temporary authorization to remain and are eligible for supplemental Social Security benefits.

For seniors who don't pay taxes, Trump said: “You deserve it. We don't have to do this. We don't have to hurt Social Security recipients.”

Since Trump pledged to end taxes on Social Security, some think tanks have warned of the impact that could have on the program, which is already facing an insolvency crisis as early as the mid-2030s, according to current projections.

The Committee for a Responsible Federal Budget, a nonpartisan group, and the more conservative Tax Foundation have said Trump’s plan to eliminate Social Security taxes could cause the program to run out of funds two years earlier. And Medicare could also become insolvent six years earlier than currently estimated. The tax cut would ultimately cost at least $1.6 trillion over a decade, analysts say.

“Cutting the federal tax on Social Security would mean more money in the pockets of seniors, but it would require significant changes to the program,” Kevin Thompson, financial expert and founder and CEO of 9i Capital Group, told Newsweek.

“This could involve severe means testing or a blanket cut to benefits… I simply don't see the long-term effectiveness of this plan and would like to see him provide tangible evidence for his claims rather than just grandiose messaging.”

Although seniors can begin claiming Social Security benefits starting at age 62, the amount available could be significantly less if the fund becomes insolvent.

Alex Beene, a professor of financial education at the University of Tennessee at Martin, said removing taxes on Social Security benefits would be good for seniors right now, but it could be disastrous for the upcoming budget.

“You also have to consider that Social Security is facing a budget deficit that will make funding the program more difficult,” Beene told Newsweek.

“While the rhetoric about protecting and maintaining Social Security is always appealing in campaign speeches, actual governance is much more complicated. Whoever occupies the White House six months from now will need to take a more careful and calculated approach to finding solutions to Social Security funding.”

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