JUST IN: Trump Tax Reform Has MAJOR Amazing Effect For Those On Social Security

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Approximately 60 million Americans rely on social security. | Photo credit U.S. News

Understanding tax reform is not for the faint of heart. Sifting through piles of data and statistics to learn how President Trump’s plan will affect your social security, is most likely mind-boggling. And when you combine all the numbers with stories from liberal media, it becomes truly frightening.

The good news is there is nothing to worry about.

President Trump has made it clear from the beginning, that Social Security is not a form of welfare. The program was created to ensure that individuals who work hard all their lives can retire, with some measure of financial security. It’s a promise to American workers, that he has no intentions of breaking.

As we’ve discussed in the past, social security is primarily funded through payroll taxes. Those taxes prove more beneficial when the economy is strong, and Americans are working. When you understand that, it becomes easier to see why Trump’s tax plan will improve social security.

Why it’s Good

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The chart shows long-term revenue generated by President Trump’s tax reforms. | Photo credit Tax Foundation

The Tax Foundation did an excellent job of breaking down key components of the president’s proposals. Despite minor tweaks to the plan, made since their initial analysis, the bulk of the information holds true and is very significant. 

For example, Trump’s tax reforms are poised to create an enormous amount of economic growth. Individual income taxes will be down for everyone, not just the uber-wealthy as left-wing media reports. In fact, lower income individuals will benefit the most.

Better than that, however, is the rising wages. Corporate tax cuts eliminate obstacles that reduce job growth and stymie wage increases. When you combine more jobs with higher wages, the future of social security becomes more stable.

The almost $1 trillion in additional payroll tax revenue generated by Trump’s plan, is key to that stability.

It also stands to reason, that an improving economy, more jobs, and better wages, would result in higher benefit payments. Social security recipients are receiving the biggest increase in six years. Additional changes will also greatly improve the viability of the program

Yes, there are still miles to go to get seniors the financial security they deserve. Nonetheless, both workers and retirees should feel confident that President Trump’s tax plan is a great start to getting there.

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  • Richard Beacham

    I’ll believe it when I see it.

  • Tess S. Ray

    I think Social Security taxes should be exempt from income taxes.

    • Share a Smile

      I think social security income need not be taxed. Keep all.

    • Robert Strong

      I agree. Already paid taxes on this. SS

    • Linda Manning

      I totally agree.

  • Sharma Wood

    We say thank you President Trump.

  • Darlene Johnson

    I know President Trump has our best interest at heart and he will take care of us. He has done a magnificent job for us. I have nothing to worry about.

  • Cheryl Nobles Hill

    I think SOcial Security should not be taxed. It has already been taxed. I think President Trump should make all companies take the freeze off of our wages and make them give us a raise. Prices have increased and our wages have decreased

  • Kay Harp

    I think the money taken from Social Security should be returned by the ones voting to remove it. In other words total number of people divided by amount stolen equals the payment ( which should include the interest lost) and please don’t tell me it can’t be done. According to an article I read Nancy is worth 81 million, McConnell is probably worth double that.

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