Trump declares seniors should not pay taxes on Social Security
Republican presidential nominee and former President Trump said in a social media post on Wednesday that he wants to make Social Security tax-free for senior citizens.
Republican presidential nominee and former President Trump is showing support for making senior citizens' Social Security payments tax-free.
The former president took the position via his proprietary social media platform Truth Social on Wednesday.
"SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump wrote.
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It's the first time Trump has floated such a policy proposal, and the post offered no further details on how such a Social Security plan would be implemented.
He told CNBC earlier this year that "there is a lot you can do in terms of entitlements, in terms of cutting." His spokesperson, Karoline Leavitt, later told NBC News, "President Trump will continue to strongly protect Social Security and Medicare in his second term."
"About 40% of people who get Social Security must pay federal income taxes on their benefits," according to the Social Security Administration's website. "This usually happens if you have other substantial income in addition to your benefits. Substantial income includes wages, earnings from self-employment, interest, dividends, and other taxable income that must be reported on your tax return."
Adults in the U.S. are more worried than ever about whether Medicare and Social Security benefits will be available when they need them.
In response to a Gallup poll released in June, 75% of adults age 65 and younger said they are "worried" or "extremely worried" about lack of Medicare availability, according to a press release.
When it comes to Social Security benefits, 80% of survey respondents said the same. Both of those percentages reflect increases from a previous poll that asked the same question in 2022.
The data came from the West Health-Gallup 2024 Survey on Aging in America, which polled 5,149 adults 18 and older between November 2023 and January of this year.
The federal government spent $2.2 trillion on Social Security and Medicare in 2023, according to the Congressional Budget Office, out of $3.8 trillion in mandatory spending.
Fox News Digital's Melissa Rudy and Elizabeth Elkind contributed to this report.