7. Social Security
Donald Trump made a number of remarks on Social Security during his presidential campaigns and administration. In order to preserve Social Security for present and future retirees, he promised not to reduce payouts.
During his 2024 campaign, Trump advocated for retirees to get their Social Security payments tax-free by suggesting to remove taxes on them. However, things may be easier said than done, because according to financial analysts, doing so may make Social Security’s financial problems worse and possibly cause it to become insolvent sooner rather than later.
Moreover, Trump’s plan to eliminate overtime and tip taxes may result in lower payroll tax receipts, which would further affect Social Security’s finances. Even though the goal of these measures is to give workers and retirees temporary financial relief, they cast doubt on Social Security’s long-term viability.
Do you think Donald Trump will respect his promises and make America great again? Let’s chat in the comments below! If you want to know more about the president-elect, here’s a good book for you! If there are any updates regarding the politician’s plan for the country, you’ll be the first one to know.
Until next time, here’s another fantastic article from Light On Politics you won’t want to miss: 6 Reasons Trump Won the 2024 Election
