[CNN] A few weeks after promising to eliminate taxes on tips, former President Donald Trump has unveiled a second proposal for targeted tax relief. The beneficiaries this time would be senior citizens, an influential voting bloc.
"SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump posted Wednesday on Truth Social.
While lifting the levy would benefit many older Americans for a little while, the proposal would harm the popular entitlement program, as well as Medicare and the federal budget, if Trump and Congress don’t come up with a way to replace the lost revenue, said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget. What’s more, many seniors could ultimately be hurt if Social Security and Medicare’s trust funds run dry sooner and benefits have to be cut."
* Taxes on Social Secuirty was begun during the presidency of the onerous Bill Clinton. |