Trump's plan to eliminate taxes on Social Security benefits has sparked much discussion, as financial experts warn that it may worsen an already fragile program.
Ending taxes on Social Security would primarily benefit those with higher incomes, particularly those earning between $63,000 and $200,000, per estimates from the Tax Policy Center.
The IRS considers combined income to determine tax owed on Social Security; therefore, only higher-income beneficiaries typically face such taxation.
While Trump promises to cut taxes on Social Security, doing so could further jeopardize the program's future, which is already at risk of running out by 2034.
Collection
[
|
...
]