Trump vows: No taxes on Social Security for seniors

FPI / August 2, 2024

If he is returned to the White House, former President Donald Trump had indicated he would eliminate the tax on Social Security benefits for seniors.

In a July 31 Truth Social post, Trump wrote: "Senior should not pay tax on Social Security."

"About 40% of people who get Social Security must pay federal income taxes on their benefits," according to the Social Security Administration's website. "This usually happens if you have other substantial income in addition to your benefits. Substantial income includes wages, earnings from self-employment, interest, dividends, and other taxable income that must be reported on your tax return."

Entrepreneur Ted Hulick wrote in a post on LinkedIn: "This is a game changer... I have never understood why people should be taxed on something they already were taxed and paid in."

Adults in the U.S. are more worried than ever about whether Medicare and Social Security benefits will be available when they need them. In response to a Gallup poll released in June, 75% of adults age 65 and younger said they are "worried" or "extremely worried" about lack of Medicare availability, according to a press release.

Trump's proposal, Hulick added, is a "winner for most seniors and people thinking about retirement - I love the policy - and I love the policy of no taxes on tips - these will resonate with people."

Hulick continued: "I'll go a step further - Vets should have a higher deductable on their taxes as well - I think anybody that served the country - put their life on the line deserves a bigger tax break - that's my 2 cents. There are Veteran's discounts at businesses across the U.S. ranging from 10 to 25 percent - but Veteran's have NO discounts when it comes to paying taxes or social security...and it might help solve our recruiting problem (that and this administration getting the boot)."

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