Eighty-three percent of registered voters either strongly or somewhat favor former President Donald Trump’s proposal to end taxes on Social Security benefits, a recent Wall Street Journal poll found.
The policy would greatly benefit seniors who are on a fixed income and suffering under soaring inflation fueled by the Biden-Harris administration. The policy would provide an average benifit of $3,400, according to the Tax Policy Center.
The policy also has strong support among partisans. Seventy-six percent of Democrats support eliminating taxes on Social Security benefits, while 89 percent of Republicans support it.
The poll sampled 750 registered voters from August 24-28 with a +/- 3.6 percentage point margin of error.
“The tax cut would benefit 16% of all households, according to the Tax Policy Center, providing an average boost of $3,400,” the Journal explained:
The income tax on benefits hit 50% of Social Security recipients in 2023, according to the Social Security Administration, up from 10% when Congress created the tax in 1983. Many retirees are surprised when they learn about the tax liability, and surveys show the Trump proposal has touched a nerve.
…
Social Security recipients must calculate their income, adding in half of their benefits. If that total income exceeds $25,000 ($32,000 for married couples filing jointly), up to half of benefits are taxed. If it exceeds $34,000 ($44,000 for married couples), up to 85% of benefits are taxed. That system can create high marginal tax rates for working Social Security recipients because they simultaneously face regular taxes and taxes on more of their benefits as income goes up.
…Income taxes on benefits now make up about 4% of Social Security’s revenue, and repealing the tax would hasten the day when the program can’t pay full benefits. Congress raised the tax in 1993 and directed that money to Medicare. Lawmakers intentionally set income thresholds for the tax without inflation adjustments, and it affects more people over time. Beneficiaries who pay the tax generally have wage or investment income beyond Social Security.
“To help seniors on fixed incomes who are suffering the ravages of Comrade Kamala Harris’ inflation nightmare — I’m promising NO TAX on SOCIAL SECURITY BENEFITS!” Trump posted on X.
FLASHBACK: Trump Warns GOP Against Cutting Medicare or Social Security amid Debt Ceiling Fight
Wendell Husebo is a political reporter with Breitbart News and a former RNC War Room Analyst. He is the author of Politics of Slave Morality. Follow Wendell on “X” @WendellHusebø or on Truth Social @WendellHusebo.