US President Donald Trump’s plans for Social Security and Medicare are making experts very worried. On the surface, his plans sound beneficial, such as cutting the tax on Social Security benefits. However, his other policy plans, such as eliminating the tax on Social Security payments, could see the funds run out of cash. Under the current tax legislation, Social Security beneficiaries are taxed on a portion of their payments depending on their income. However, some experts say the reverse is true and Trump’s mass deportation plan would hurt Social Security more.

Source: Forbes November 19, 2024 14:53 UTC