"President Trump came into office with lots of promises for Social Security recipients. Specifically, the President vowed to end taxes on Social Security benefits and to protect the program from cuts. While the tax pledge didn't quite become a reality, the Trump Administration did offer a new additional $6,000 tax break for seniors that will provide some financial relief from big IRS bills."
"The Trump Administration has also taken some steps that it claims are aimed at fighting waste, fraud, and abuse in Social Security. While these changes are controversial, the fact is that the benefits program is facing imminent financial trouble, and something needs to be done. One move the Administration is making, as part of broader efforts to shore up Social Security, includes changing the rules for the clawback of overpayments."
President Trump promised to end taxes on Social Security benefits and to protect the program from cuts. The tax pledge did not fully materialize, but the Administration introduced an additional $6,000 tax break for seniors to reduce IRS costs. The Administration implemented measures aimed at fighting waste, fraud, and abuse in Social Security while noting the program's imminent financial difficulties. One policy change adjusts rules for clawing back Social Security overpayments. Overpayments can result from agency data errors or beneficiaries failing to report changes, and the agency can recover funds by withholding a portion of current benefits, raising concerns about unintended harm to retirees.
Read at 24/7 Wall St.
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