Davidson News

Davidson News

Trump declares that pensioners will not pay taxes on Social Security

Republican presidential candidate and former President Trump has expressed support for seniors receiving Social Security.

The former president took over via his personal social media platform, True Social.

“ELDERS SHOULD NOT PAY TAXES FOR SOCIAL SECURITY!” Trump stated.

This is the first time Trump has proposed such a policy, and the message did not include details on how such a welfare plan would be implemented.

“You can do a lot in terms of entitlements and deductions,” he told CNBC earlier this year. His spokeswoman, Caroline Leavitt, later told NBC News: “President Trump will continue to aggressively protect Social Security and Medicare in his second term.”

“The Social Security Administration website states that “about 40% of people who receive Social Security must pay federal income tax on their benefits. This usually happens when you add a lot of extra money to your annual income. Gross income, including wages, self-employment profits, dividends, interest, and other taxable income, must be reported on your income tax return.

Adults in the U.S.S. are more concerned about whether Medicare and Social Security will be available when they need them.

In response to a Gallup poll released in June, 75% of adults age 65 and older said they were either very or very concerned about losing Medicare, according to a news release.

When it came to Social Security benefits, 80% of respondents said the same. Both percentages represent increases from the previous 2022 survey that asked the same question.

The data comes from the Western Health-Gallup 2024 Study on Aging in America, which surveyed 5,149 people ages 18 and older between November 2023 and January of this year.

The federal government spent $2.2 billion on Social Security and Social Security in 2023, with estimated spending of $3.8 billion, according to the Congressional Budget Office.

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