Republican presidential nominee Donald Trump’s tax plans would mean benefit cuts for millions of Americans receiving Social Security and lead to the popular program’s bankruptcy by 2031, a new report reveals.
The nonpartisan Committee for a Responsible Federal Budget released a report on Monday warning about Trump’s proposals, which feature reduced taxes on the ultrawealthy and large corporations.
“President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits,” the report said.
The group said if it became law, Trump’s proposed tax plan would create a $2.3 trillion shortfall for the Social Security program. The Committee also determined that Trump’s plan would result in a 33% across-the-board benefit cut—meaning millions would see the checks they rely on significantly reduced.
