Trump's Social Security Tax Proposal Panned By Economist Justin Wolfers: Increasing Benefits, And Not Eliminating Taxes, Would 'Help All Seniors,' Not Just Wealthy Ones
Renowned economist and Ford School professor Justin Wolfers criticized a proposal by former President Donald Trump to eliminate taxes on Social Security for seniors. Wolfers suggested that increasing Social Security benefits would be more beneficial for all seniors, not just the wealthy.
What Happened: Wolfers took the social media platform to X to express his views on Trump’s proposal. He wrote, “What’s going on here? If you want to help all seniors, you raise social security benefits. If you want to help only wealthy seniors, you eliminate taxes on social security. (And if you want to help future seniors, you figure out how to make the system sustainable.)”
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Wolfers’ comments were in response to a recent post by Trump, who had stated, “Seniors should not pay tax on social security!”
What's going on here?
If you want to help all seniors, you raise social security benefits.
If you want to help only *wealthy* seniors, you eliminate taxes on social security.
(And if you want to help future seniors, you figure out how to make the system sustainable.) https://t.co/JzNTvCKwP2— Justin Wolfers (@JustinWolfers) July 31, 2024
As Trump campaigns for the 2024 presidency, he has criticized his opponents for advocating cuts to retirement benefits.
During his presidency, Trump's fiscal policy proposals included measures that could have adversely affected Social Security. His 2021 budget suggested reductions to Social Security Disability Insurance, potentially cutting retroactive benefits for disabled workers.
For Medicare, Trump's budget proposals aimed to decrease payments to providers and suppliers, although these proposals did not become law.
Why It Matters: This criticism comes at a time when Social Security has been a hot topic in U.S. politics. Trump, who is currently a presidential candidate, has been vocal about his plans to protect Social Security. This is a shift from his earlier stance, where he referred to Social Security as a “Ponzi scheme.”
Wolfers’ criticism also comes amid ongoing debates about the future of Social Security and Medicare. Both Trump and President Joe Biden have assured the public that these programs are untouchable. In a recent speech, Biden accused Trump of wanting to cut Social Security and proposed a different area for cuts.
Wolfers, who is known for his insights on economic matters, has previously shared his views on the Federal Reserve’s monetary policy, suggesting that future tightening of monetary policy is still on the table.
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This article Trump's Social Security Tax Proposal Panned By Economist Justin Wolfers: Increasing Benefits, And Not Eliminating Taxes, Would 'Help All Seniors,' Not Just Wealthy Ones originally appeared on Benzinga.com
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