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Vice President Kamala Harris criticized former President Trump’s proposal to get rid of earnings taxes on Social Security advantages throughout a marketing campaign cease on Monday, citing a nonpartisan price range report that claimed Trump’s plan would “dramatically worsen Social Security’s finances.”
The Committee for a Responsible Federal Budget (CRFB), a nonpartisan coverage suppose tank, revealed a report Monday claiming Trump’s plans to “eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits.”
“What I think most of us know is that we have many, many seniors in our country, their Social Security check is their only form of income,” Harris stated throughout a marketing campaign cease in Michigan Monday. “It’s everything and the only thing they have to live on: to pay rent, groceries, all of that. So we must protect Social Security.”
Kamala Harris and Donald Trump (Getty Images)
If elected, the coverage suppose tank additionally discovered that Social Security’s money shortfall may improve by $2.3 trillion by 2035. This change would push this system’s insolvency date up from 2034 to 2031, that means the following president might want to take care of this difficulty earlier than anticipated. If these adjustments occur, individuals may face a 33% reduce of their advantages by 2035, in comparison with a 23% reduce projected earlier, the report famous.
Additionally, the annual shortfall is predicted to rise by about 50% in 2035, going from 3.6% to 4% of payroll. To repair the long-term funding points for Social Security, the report suggests there would both have to be profit cuts by one-third or income will increase of about 50%.
But a former Trump administration adviser who labored on Social Security coverage informed Fox News Digital in an interview that “what the Biden Harris folks are doing to mismanage the agency is bleeding money in over payments.”
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“Every candidate is going to be afraid to touch” Social Security, a former Trump adviser says. (iStock)
“And now sort of waving everyone’s over payment, as what [Commissioner Martin O’Malley] is doing, I think is a lot more reckless and doing a lot more harm to the trust fund than proposing even these ideas,” the supply stated.
“Obviously every candidate is going to be very afraid to touch it,” he added. “But what I will also say, and I actually helped work on some of these, is that Trump did propose tens of billions of dollars in savings in the Social Security Program generally in his first two budgets. And he did that not by going after seniors, but he did that by trying to modernize disability. And you know, that doesn’t necessarily help the trust fund issue real largely, but it does help sort of fix the Disability Trust Fund and start to bring some of the finances under control a little bit.”
Harris later informed CNN she believed Trump was “hostile” towards the “notion and purpose of Social Security” and that it would be “catastrophic” if the SS belief fund was bancrupt within the subsequent few years.
Meanwhile, Trump marketing campaign spokeswoman Karoline Leavitt stated in an emailed response:
“President Trump delivered on his promise to protect Social Security and Medicare in his first term, and President Trump will continue to strongly protect Social Security and Medicare in his second term. The only candidate who poses a threat to the solvency of Social Security is dangerously liberal Kamala Harris – whose mass invasion of millions of illegal aliens will, if they are allowed to stay, cause Social Security to buckle and collapse. By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security on a stronger footing for generations to come, all the while eliminating taxes on Social Security for America’s well-deserving seniors.”
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Former President Trump participates in a Fox News Town Hall with Sean Hannity on the New Holland Arena on Sept. 4, 2024, in Harrisburg, Pennsylvania. (Kevin Dietsch/Getty Images)
The annual Social Security trustees’ report over the summer time stated the Old-Age and Survivors Insurance (OASI) belief fund is on monitor to achieve insolvency in 2033, at which level advantages would be reduce by 21%.
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The U.S. has an growing old inhabitants, greater than 67 million of whom obtain Social Security advantages. And the older an American is, the extra doubtless they’re to vote, so many politicians shrink back from discussing reforms of this system in any respect.
But if no reforms are made, the identical Americans who obtain Social Security advantages now – significantly those that depend on the advantages – face a big risk to their earnings come 2033.
Fox Business’s Breck Dumas contributed to this report.
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