A recent poll by Monmouth University reveals strong public support for Donald Trump’s 2024 campaign pledge to eliminate taxes on Social Security income, tips, and overtime pay. This proposal, part of his presidential campaign, resonates with many Americans looking to ease financial burdens.
Why This Matters
Social Security provides monthly benefits to tens of millions of Americans. However, a significant portion of beneficiaries—around 40%—currently pay federal income taxes on their Social Security payments, according to the Social Security Administration (SSA).
Here’s how it works:
- For Single Filers:
- If total income is between $25,000 and $34,000, 50% of Social Security benefits are taxed.
- If income exceeds $34,000, up to 85% of benefits are taxed.
- For Couples (Joint Filers):
- A combined income of $32,000 to $44,000 means up to 50% of benefits are taxed.
- Income over $44,000 results in taxation of up to 85% of benefits.
What the Poll Says
The Monmouth poll, conducted between December 5–10, surveyed 1,006 adults aged 18 and older. Here’s what they found:
- 66% of Americans support Trump’s plan to remove income taxes on Social Security, tips, and overtime.
- 21% of respondents oppose the idea.
Trump initially announced this pledge in July 2024, stating on Truth Social: “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” His proposal gained traction during the campaign, with an earlier ABC News/Ipsos poll indicating that 85% of respondents supported the idea, making it the most popular economic proposal of the campaign.
The Economic Impact
While the proposal is widely popular, financial analysts are raising concerns. According to the Tax Foundation:
- The plan could lead to a $1.4 trillion loss in tax revenue between 2025 and 2034.
- This shortfall might hasten the depletion of Social Security trust funds, already projected to run out by 2034.
- Despite these concerns, all income groups are expected to see a 0.9% increase in after-tax incomes if the policy is implemented.
Expert Opinions
Patrick Murray, Director of the Monmouth University Polling Institute, commented:
“Republicans are even more enthusiastic about a second Trump term than they were the first time around. They are particularly looking forward to him following through on the plans he promised.”
What’s Next?
It remains unclear how or when the policy will be implemented if Donald Trump takes office in January. The feasibility of the plan and its long-term effects on the U.S. economy and Social Security system are under scrutiny.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.