A new idea that Donald Trump wants to put forward has gotten some Americans’ attention over the last few weeks.
A new study says that among both candidates for president, Donald Trump’s plan to get rid of Social Security income taxes is the most popular economic idea.
Also, a new poll from ABC News and Ipsos from October 4–8 of 2,631 adults found that Trump’s promise to stop taxing Social Security benefits is the most popular economic plan of the 2024 presidential campaign, with 85% supporting the idea overall and 55% strongly supporting it.
People like Kamala Harris, the Democratic candidate for vice president, even though she is not as popular as her opponent. This is because of her economic policies, which have nothing to do with Social Security.
According to the poll, 66% of people who answered agreed with her plan to limit grocery stores’ profit margins and 71% agreed with her promise to increase child tax payments for middle-class and low-income families.
What will happen with Social Security taxes in the US?
Trump said in July that he would get rid of all taxes on retirement payments. He said that many things could be done to help people in an interview on Fox & Friends at the beginning of August.
People who get Social Security are dying, so one thing I am doing is getting rid of taxes for seniors who get Social Security. I am going to finish it now.
The Social Security Administration (SSA) says that about 40% of people who get retirement, spouse, or disability benefits currently pay federal income taxes on those benefits, but not on Supplemental Security Income.
At the moment, people who get Social Security retirement benefits and whose combined income is higher than certain limits may have to pay taxes on all or part of their payouts.
People who file as a single person and make between $25,000 and $34,000 a year may have to pay taxes on half of their benefits. People who make more than that may have to pay taxes on up to 85% of their payouts.
Couples making between $32,000 and $44,000 must pay up to 50% tax on their joint returns. If they make more than that, they must pay up to 85% tax. People who file jointly must follow the same rules, but at different levels.
Tax experts have mostly spoken out against the plan because it would cut the money needed to run Social Security, even though it would briefly make seniors’ wallets fuller.

Up to half of the payments are taxed. The money from the taxes goes to the Social Security Old-Age, Survivors, and Disability Insurance trust fund, and the other half goes to the Medicare Hospital Insurance trust fund.
Social Security system will experience shortage and could be depleted by 2033
The Social Security Administration (SSA) is having trouble getting the trust funds it needs to pay out benefits and collect taxes. It is expected that the assets will be used up by 2034, if Congress does not move.
If they do not, benefits could be cut by almost 20%. Trump and his team have not said how they will replace the money that was taken in to keep the Social Security Administration stable.
Newsweek emailed Trump and Harris’s campaign staff, as well as the SSA, outside of normal business hours to ask for their thoughts.
The Tax Foundation found that Trump’s plan would cause tax revenues to drop by about $1.4 trillion from 2025 to 2034 if there was no way to make up for the lost money.
It is also certain that this would speed up the trust funds’ bankruptcy.
Devin Carroll, who owns Carroll Advisory Group and is its lead planner, told Newsweek that the government agency’s already-impending deficit would get worse if the SSA lost its source of income without a good replacement.
This could mean that benefits are cut even more in the future.
Also see:-SNAP is compatible with Social Security: Get an extra $292 each month
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