Donald Trump now plans to end Social Security taxes for retirees, stating on his social media platform that seniors should not carry this burden.
“Seniors should not pay tax on Social Security,” Trump wrote on July 31 in all capital letters on social media platform Truth Social, and repeated the point during an Aug. 7 Fox & Friends interview.
However, not everyone is on board with Trump’s plan to eliminate the Social Security tax.
According to Rep. John Larson, D-Conn., Trump’s plan has a “fatal mistake” in that it doesn’t make up for the revenue that the government would be losing.
“He comes out and says he’s going to have a tax break but doesn’t say how he’s going to pay for that,” said Larson, who is ranking member of the House Ways and Means subcommittee on Social Security.
“In essence, his proposal would end up cutting the Social Security trust fund.”
Social media users have raised the point that government has gotten ‘too rich’ and that taxes should be lowered for the American people.
On Wednesday, Social Security reached the 89th anniversary since President Franklin D. Roosevelt signed the program into law.
However, the SS program now faces an uncertain future.
“Combined trust funds are projected to run dry in 2035.
At that time, unless Congress acts sooner, beneficiaries may see an across-the-board 17% benefit cut,” reports CNBC.
Trump is not the first to suggest the elimination of taxes on Social Security benefits.
One Democratic bill introduced in January in the House of Representatives — the You Earned It, You Keep It Act — likewise calls for excluding Social Security benefits from gross income for federal income taxes.
If enacted, the bill would save the typical senior household almost $560 per year, the Senior Citizens League, a non-partisan senior group, recently estimated.
Larsen suggests imposing even higher taxes on high-income earners.
But this plan also cuts into the purchasing power of both the upper-middle and upper classes.
It’s not just the wealthy that are getting taxed more, it’s the entire working class that’s being affected.
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Every American’s Social Security has now been exposed according to a hack report that claims a group stole 2.7 billion personal records.
The hack group called USDoD claims to have stolen a whopping 2.7 billion records of personal information from Americans, including Social Security numbers and physical addresses, several news sources are now reporting.
According to Fox 10, the hacking group offered to sell the stolen records, which included personal data for everyone in the US, UK, and Canada, to a forum of hackers.
The data was stolen from National Public Data, a platform that offers personal information to employers, private investigators, staffing agencies and others doing background checks, said the outlet.
According to Engadget, previous leaks of data included phone numbers and email addresses, but that information reportedly was not a part of the latest data release.
The breach, which includes Social Security numbers and other sensitive data, could power a raft of identity theft, fraud and other crimes, said Teresa Murray, consumer watchdog director for the U.S. Public Information Research Group.
“If this in fact is pretty much the whole dossier on all of us, it certainly is much more concerning” than prior breaches, Murray said in an interview.
“And if people weren’t taking precautions in the past, which they should have been doing, this should be a five-alarm wake-up call for them.”
National Public Data didn’t respond to a request for comment from media sources, nor has it formally notified people about the alleged breach.
However, it has been telling people who contacted it via email that “we are aware of certain third-party claims about consumer data and are investigating these issues,” per the Los Angeles Time.
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