US President Donald Trump is planning to fulfill his campaign promise to eliminate income taxes on Social Security benefit income.
According to a new report, the change would reduce US government revenues by $1.5 trillion over 10 years and increase federal debt by 7% by 2054. Above that, the income elimination would mostly benefit the high-earning households.
The policy change if happens, may result in gains of up to $100,000 over the lifetimes of high-income households.
In contrast, individuals under age 30 particularly people who have not yet been born may face the largest losses as the federal debt increases and incentives to work and save for retirement decline.
This post was last modified on 19 February 2025 3:19 am
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