Trump's Tax Plan Would Accelerate Social Security's Insolvency Timeline. Plan May Run Out Of Benefits In 6 Years, Under Republican Frontrunner's Agenda

Benzinga

Former President Donald Trump's campaign proposals would accelerate Social Security's insolvency timeline to six years, according to US Budget Watch 2024. Trump's agenda could boost the program’s 10-year shortfall by over $2 trillion, leading to a 33% benefit cut by 2035. Trump's proposals include eliminating taxes on seniors' Social Security benefits, removing taxes on tips and overtime wages, lowering the corporate tax rate, and implementing broad import tariffs.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Former President Donald Trump's campaign proposals would accelerate Social Security's

00:06insolvency timeline to six years, according to U.S. Budget Watch 2024.

00:11Trump's agenda could boost the program's 10-year shortfall by over $2 trillion,

00:15leading to a 33% benefit cut by 2035. Trump's proposals include eliminating

00:21taxes on senior Social Security benefits, removing taxes on tips and overtime wages,

00:26lowering the corporate tax rate, and implementing broad import tariffs.

00:29For all things money, visit Benzinga.com.

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