Former President Donald Trump’s proposal to end taxes on Social Security benefits has gained significant support, according to a recent Wall Street Journal poll. The policy is highly favored by seniors who are struggling with rising inflation under the Biden-Harris administration. On average, it would provide an additional benefit of $3,400 to recipients, as per the Tax Policy Center.
The poll revealed that 64% of respondents “strongly favor” eliminating taxes on Social Security benefits, with another 19% expressing “somewhat” support for the policy. Only 10% opposed it. The proposal has strong backing among partisans as well: 76% of Democrats and 89% of Republicans support it.
The policy’s impact would be significant, benefiting 16% of all households with an average boost of $3,400, according to the Tax Policy Center. Income taxes on Social Security benefits now make up about 4% of the program’s revenue and were increased in 1993 to fund Medicare. As income thresholds for this tax have not been adjusted for inflation, it affects more people over time, with many retirees being caught off-guard by their tax liability.
The Trump administration’s proposal seeks to help seniors on fixed incomes who are suffering from the soaring inflation caused by the current administration. With 83% of registered voters either strongly or somewhat favoring this policy, it is clear that there is widespread support for eliminating taxes on Social Security benefits.