Social Security
Although President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved — but financially troubled — entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House. Moreover, several of his recent campaign pledges — including to eliminate taxes on Social Security benefits — could wind up costing seniors in coming years. The program's funds are expected to run dry in 2035 without congressional intervention, according to the latest Social Security trustees' report. After that, payroll tax revenue and other income would only be able to cover 83% of benefits owed. It remains to be seen whether the incoming GOP-controlled Congress will delve into the controversial issue anytime soon.
Begin forwarded message:
From: CNN's 5 Things AM <5things@newsletters.cnn.com>
Date: November 14, 2024 at 6:55:56 AM EST
To: peteandtess@gmail.com
Subject: Republicans take control of Congress
Reply-To: CNN's 5 Things AM <5things@newsletters.cnn.com>
Social Security
Although President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved — but financially troubled — entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House. Moreover, several of his recent campaign pledges — including to eliminate taxes on Social Security benefits — could wind up costing seniors in coming years. The program's funds are expected to run dry in 2035 without congressional intervention, according to the latest Social Security trustees' report. After that, payroll tax revenue and other income would only be able to cover 83% of benefits owed. It remains to be seen whether the incoming GOP-controlled Congress will delve into the controversial issue anytime soon
No comments:
Post a Comment