Trump's Social Security Tax Plan

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Senior Citizens Tax Elimination Act

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Social Security reform

CNBC

•

Business

Business & Economics

Trump's plan to eliminate income taxes on Social Security benefits would help high-income households, report finds

Summary

Nutrition label

88% Informative

A bill to eliminate taxes on Social Security benefits was recently reintroduced in the House .

A new analysis by the Penn Wharton Budget Model found that eliminating taxes on benefits may reduce revenues by $1.5 trillion over 10 years .

For some high-income households, the policy change may result in gains of up to $100,000 over their lifetimes.

A proposal in Congress has called for eliminating taxes on Social Security benefits while also requiring high earners to pay more taxes into the program to help mitigate the benefit increases.

The concern with those changes is that while older people would see higher benefits, it would put financial pressure on younger generations.

Economists often refer to this as implicit debt, where an intergenerational imbalance causes future generations to be saddled with higher costs.

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Informative language

Neutral language

Article tone

formal

Language

English

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Offensive language

not offensive