Trump's Tax Plans Could Deplete Social Security Faster

The Committee for a Responsible Federal Budget warns that former President Donald Trump's tax proposals could hasten the insolvency of Social Security, potentially moving the depletion of its trust funds from 2034 to 2031. Trump's plans to end taxation on Social Security benefits, overtime, and tips, along with imposing tariffs and mass deportations, could increase the program's cash shortfall by $2.3 trillion over ten years. This would necessitate a 33% cut in benefits by 2035, impacting retirees' monthly checks significantly. Critics argue these changes would disproportionately benefit the wealthy while threatening the financial stability of Social Security. On the other hand, Vice President Kamala Harris has pledged to protect Social Security without specifying detailed plans, emphasizing tax increases on the wealthy to sustain the program. Both candidates face scrutiny over their lack of comprehensive solutions to the looming Social Security funding crisis.