Republican presidential hopeful Donald Trump made a bold declaration on Wednesday, advocating that taxes should not be levied on social security income for the elderly. He emphatically stated, “seniors should not be taxed on social security!” This stance is a cornerstone of the GOP’s platform for the 2024 election, which Trump has endorsed.
The platform includes a pivotal section under the heading “fight for and protect Social Security and Medicare with no cuts, including no changes to the retirement age.” It asserts Trump’s unwavering commitment to preserving Medicare and Social Security funding without any reductions.
The platform further outlines, “Coming from a place of hard work throughout their lives, American Citizens have earned their right to Social Security and Medicare. These programs stand as a pledge to our aging population, assuring a dignified lifestyle during their retirement years. The Republican party is dedicated to upholding these essential services, promising economic stability for all. Our collaboration with America’s seniors aims to foster an environment where they can remain vigorous and thriving. Our pledge extends to securing a stable future for them and families across the nation.”
The Social Security Administration reveals that approximately 40% of beneficiaries are subject to federal taxes on their social security income. For individuals filing alone, if their combined income falls between $25,000 and $34,000, they might see up to half of their benefits taxed.
This percentage can increase up to 85% if their income exceeds $34,000. Similarly, for couples filing jointly, benefits are taxable up to 50% if their combined income is between $32,000 and $44,000, and up to 85% if it surpasses $44,000.
