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Kiplinger

Business

Gabriella Cruz-Martínez

Is Trump's Tax Plan Speeding Up the Looming Social Security Funding Crisis?

Social Security Security Donald Trump Kiplinger SS SSA The Committee for a Responsible Federal Budget the Social Security Administration

Alarm clock with social security cards on the face.

Social Security trust funds are running out of money, and the insolvency date is racing closer, in part due to President Donald Trump’s 2025 tax legislation.

An analysis from the Office of the Chief Actuary at the Social Security Administration confirms what opponents of the megabill feared would happen. Trump's 2025 reconciliation law accelerates the depletion of Social Security's combined trust funds by nearly half a year, in early 2034 instead of late 2034.

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