Many seniors currently pay taxes on their Social Security benefits, which can be a significant burden when living on a fixed income. President Trump's proposal to eliminate these taxes may not materialize, as the Social Security program is facing financial challenges, especially with the retirement of baby boomers. The program relies heavily on revenue from payroll and benefit taxes to remain sustainable, which complicates any potential tax cuts for beneficiaries.
Many seniors today pay taxes on their Social Security benefits. President Trump has proposed eliminating those taxes, but recent financial concerns may hinder this change.
Social Security gets most of its revenue from payroll taxes, but also from taxes seniors pay on benefits. Revenue is crucial due to an upcoming shortfall.
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