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Former President Donald Trump delivered a one-line zinger on social media that is sure to get the attention of older voters.
Mr. Trump, in an all-caps Truth Social post, said “Seniors should not pay tax on Social Security!”
Mr. Trump’s Wednesday post didn’t include specific plans to eliminate the tax if he’s elected to another term, but doing so would save seniors thousands of dollars each year.
Ending the tax would also require Congress to pass legislation. In addition to federal taxes, ten states tax Social Security.
It’s the second time Mr. Trump, 78, has proposed eliminating federal taxes in the campaign.
In June, Mr. Trump said if elected he’d end taxes on tipped wages, a move aimed at garnering the support of hospitality workers in the battleground state of Nevada.
“For those hotel workers and people that get tips, you’re going to be very happy. Because when I get to office, we are going to not charge taxes on tips,” Mr. Trump said during a rally in Las Vegas.
According to the Social Security Administration, 40% of people who receive Social Security pay federal taxes on the benefits because they earn above a certain income level.
Federal taxes on Social Security benefits bring in significant revenue to the Treasury, according to the Concord Coalition. It calculated taxing up to 50% of benefits in 2023 would generate $52 billion.
Social Security benefits were exempt from taxes until 1984, when President Ronald Reagan signed bipartisan legislation to begin taxing them.
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