Social Security Check Discount Update

According to a tax neutral group on Monday, Donald Trump’s campaign plans would drastically accelerate the already r situationthe day is fast approaching when social security is expected to run out of funding. Trump’s proposal would make the popular government program, which millions of senior Americans rely on, insolvent within six years, cutting the current term by a third, according to the group. The House Budget Committee’s blueprint for overseeing the US budget for 2024 said the Republican nominee’s plans would also lead to even more severe benefit cuts in the coming years and increase Social Security’s funding shortfall by trillions of dollars.

The new Social Security check cut date was announced in November

In a statement to CNBC, CRFB spokeswoman Karoline Leavitt claimed the organization’s so-called experts have been wrong repeatedly over the years. In his second term, Trump will continue to vigorously defend Social Security, according to Leavitt. She asserted that the real danger to the program’s viability was Democratic challenger Kamala Harris, arguing that her ideas would bring a wave of undocumented immigrants that would lead to the failure and collapse of Social Security. Supplemental Security Income benefits are only available to certain non-citizens.

Furthermore, the Congressional Budget Office estimates that by fiscal year 2034, Social security trust funds will run out. October marks the beginning of the fiscal year. According to projections by Social Security administrators, the program’s total coffers may only be enough to pay full benefits through 2035. However, the trust fund Social Security relies on to pay the pension may expire even earlier, in 2033. In addition to resisting any change, Trump and Democratic vice presidential nominee Kamala Harris have pledged to “protect” Social Security and Medicare, the government-run health insurance program.

At the same time, Trump has promised to enact a growing list of tax cuts targeting certain groups of Americans. He proposed further lowering the corporate tax rate, elimination of taxes on overtime pay and tips paid to service workers, elimination of taxes on monthly old-age benefits, and imposition of broad and high tariffs or taxes on imported goods. The CRFB said in its Monday article that the tax cut ideas “would increase all of Social Security’s cash shortfalls,” in addition to Trump’s promise to begin mass deportations as soon as he takes office. In particular, the group concluded that its plan will:

• Increase the 10-year deficit by $2.3 trillion through fiscal year 2035;
• Increasing the insolvency term to 2031 from 2034;
• Cause an overall benefit reduction of 33% in 2035 (up from CBO’s current projection of 23%);
• Increase the annual deficit by approximately 50% in fiscal year 2035;
• To restore Social Security’s 75-year solvency, either cut current payments by nearly a third or increase income by about half.

According to Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare, these findings are not surprising given that Trump’s policies include tax cuts that generate significant cash for Social Security’s trust funds. Freese warns that cutting income and payroll taxes could have a considerable impact on social securityespecially given a trust fund depletion date within a decade, and could have a dramatic long-term impact depending on the proposed policy.

Harris received the presidential endorsement of the National Committee to Preserve Social Security and Medicare. Andrew Biggs, former SSA Principal Deputy Commissioner and Senior Fellow at American Enterprise Institutestated that he does not believe the Trump campaign is trying to weaken the SSA. As they come up with different ideas, I just don’t think it’s at the forefront of their minds. While certain measures, such as eliminating taxes on benefits or certain types of income, have a direct impact on benefits, other policies, such as limiting immigration, would also impact the program, he added.