Social Security payments would be exempt from taxes under former President Donald Trump’s latest campaign trail tax cut proposal, as he seeks to secure key voters in an increasingly competitive race.
The cost of fully exempting Social Security benefits from taxes could top $1.6 trillion over a decade, according to the Tax Foundation, a right-leaning think tank. The policy has some supporters on both sides of the aisle in Congress, but so far legislative proposals have failed to pick up momentum.
“SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” Trump wrote Wednesday on his social media website, Truth Social.
