Former President Donald Trump on Wednesday said that seniors shouldn’t pay taxes on Social Security, a departure from decades of tax policy.
Trump made the announcement on his Truth Social platform. He wrote: “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!”
Social Security can be claimed starting at age 62, although benefits increase the longer one waits to claim them, with benefits capping out at a retirement age of 70.
The taxation of Social Security began in 1984 with legislation signed by President Ronald Reagan. Seniors receiving Social Security income pay taxes on 50% of their income from the program, and in some cases, as high as 85% if their combined income from other sources pushes them above a certain threshold.
Earlier this year, Rep. Angie Craig (D-MN) introduced legislation that would eliminate federal taxes on Social Security. The bill was sponsored by about a dozen other Democrats.
The bill would be paid for by raising the cap on the Social Security payroll tax for high earners.