Trump Proposes Eliminating Taxes on Social Security Benefits for Seniors
1st August 2024
Trump made the announcement on his Truth Social platform. He wrote: “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!”
Social Security can be claimed starting at age 62, although benefits increase the longer one waits to claim them, with benefits capping out at a retirement age of 70.
The taxation of Social Security began in 1984 with legislation signed by President Ronald Reagan. Seniors receiving Social Security income pay taxes on 50% of their income from the program, and in some cases, as high as 85% if their combined income from other sources pushes them above a certain threshold.