Trump Vows to Cut Taxes on Social Security in Bid to Woo Seniors

About 40% of retirees owe taxes on their Social Security benefits, depending on their income level, marital status and other sources of earnings, according to the Social Security Administration.

Taxing the retirement benefits dates back to a 1983 law, signed by then President Ronald Reagan, intended to keep the popular program financially viable.

Trump’s idea to cut taxes on benefit payments would complicate conversations in Washington about large-scale plans to find new ways to fund Social Security, which have become more pressing with projections showing the program is becoming increasingly unsustainable.

But changes to Social Security are politically risky because older Americans, who are directly benefitting from the payments, are an important source of votes for both parties.

Pennsylvania Polls

The contest in Pennsylvania, perhaps the most important swing state that will decide the election, has tightened after Harris replaced Biden atop the Democratic ticket, according to recent polling, showing increased enthusiasm among young, Black and Hispanic voters for the vice president.

The Bloomberg News/Morning Consult poll conducted after Biden withdrew showed that Trump had a four-point lead over Harris in Pennsylvania, down from the seven-point advantage the former president had in the survey early this month when Biden was still running.

Biden had clearly lost ground in the state since carrying it in 2020, said Berwood Yost, director of the Franklin & Marshall College Poll. Harris has energized voters who were a key part of Biden’s coalition but had soured on him because of his age or the economy, he said.

“We’ll see how long that continues, but Pennsylvania is back in play,” Yost said.

Harris is also seriously considering Pennsylvania Governor Josh Shapiro to be her running mate, which would give her campaign in the state a boost. Shapiro is the most popular politician in the commonwealth and can appeal to rural and swing voters, Yost said.

(Credit: Bloomberg)