President Trump has proposed banning taxes on Social Security benefits, a plan that could affect millions of Americans.
Around 67 million Americans could be impacted. Retirees and people with disabilities who rely on Social Security would benefit most.
High-income households making $5 million or more would get the biggest tax breaks—up to $2,500 in 2025.
Middle and upper-middle-income households could see smaller tax breaks, around $1,190 to $1,430.
The Social Security system could face serious problems. Cutting taxes could lead to a $1.8 trillion revenue shortfall by 2035.
If Social Security runs out of funds by 2032, retirees might only receive 83% of their benefits. With this plan, it could drop to just 73%
Medicare could lose $750 billion if Trump’s plan goes through, adding more strain to the system.
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