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As a result of these thresholds remaining unchanged, the tax landscape of Social Security has flipped dramatically. In the early years post-1983, less than 10% of Social Security recipients paid federal taxes on their benefits. Fast forward to the present, and approximately 50% of retirees are now subject to taxation. This shift makes Social Security a hot topic among retirees and policymakers alike.
President Trump's Stance on Taxation of Social Security
Recently, President Trump has made comments regarding the taxation on Social Security benefits, suggesting that these taxes should be eliminated. His platform emphasizes the protection of Social Security and Medicare, with particular stress that benefits should not be cut and that Social Security should not be taxed.