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Molly Butler / Media Matters

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MAGA media endorse Trump’s Social Security giveaway to the rich

Trump proposed ending taxes on Social Security benefits, which would only help higher-income seniors while harming the funding for both Social Security and Medicare

Written by Zachary Pleat

Published

Pro-Trump pundits, activists, and social media personalities endorsed an idea Republican presidential nominee Donald Trump posted to social media to eliminate taxes on Social Security benefits, calling it a good policy, a savvy political move, or both.

But economists explained that such a policy would primarily benefit the most wealthy seniors and provide no benefit to about half of Social Security beneficiaries, given that taxes on Social Security are progressive in nature and higher-earning seniors pay more. They also pointed out that Trump’s idea would seriously harm the funding for both Social Security and Medicare, as these taxes feed into those programs’ trust funds, and noted that it would add roughly $1.8 trillion to deficits over the next decade.

  • Experts point out Trump’s idea would be a giveaway to the rich, harm Social Security and Medicare, and cost trillions

    • University of Michigan economist Justin Wolfers wrote on X (formerly Twitter), “Eliminating taxes on Social Security will only help high-income seniors, and do nothing to help those on low incomes.” Wolfers wrote in a separate post: “If you want to help all seniors, you raise Social Security benefits. If you want to help only *wealthy* seniors, you eliminate taxes on Social Security.” [Twitter/X, 8/1/24, 7/31/24]
    • Center for American Progress senior director for economic policy Brendan Duke stated that Trump’s idea would have “barely any benefit for retirees making less than $40k and a huge benefit for those making over $100k.” [Twitter/X, 7/31/24]
    • Committee for a Responsible Federal Budget senior policy director Marc Goldwein: “This is effectively a 44% benefit hike for the highest income seniors, a 6% increase for a middle-income senior, and no change for most in the bottom half.” Goldwein added that if the Social Security trust fund becomes insolvent, the change would amount to “a 9% increase at the top and a 25% cut for the bottom half.” [Twitter/X, 8/1/24]
    • Economic think tanks have explained that ending taxation on Social Security benefits would harm Social Security and Medicare. The Center on Budget and Policy Priorities explained in 2019 that “the substantial proceeds from taxing Social Security benefits are credited to the Social Security and Medicare trust funds, strengthening the programs’ financing.” The Committee for a Responsible Federal Budget estimated that the effects of Trump’s proposal would “increase Social Security’s 75-year shortfall by 25 percent,” “nearly triple the Medicare [hospital insurance] 75-year shortfall,” and advance both the Social Security and Medicare hospital insurance trust fund insolvency dates by one and six years, respectively. It also found that Trump’s idea would “increase deficits by $1.6 trillion to $1.8 trillion through 2035.” [Center on Budget and Policy Priorities, 9/6/19; Committee for a Responsible Federal Budget, 7/31/24]
    • Ernie Tedeschi, director of economics at The Budget Lab at Yale, wrote, “It would cost $1.5 trillion over 10 years in direct costs and, when you add in interest expenses, raise debt by $1.8 trillion after a decade, or about 4.3% of GDP.” [Twitter/X, 7/31/24]

  • MAGA media endorse Trump’s idea to eliminate taxes on Social Security benefits

    • Fox News host Sean Hannity endorsed Trump’s idea while attacking Social Security as “a bad Ponzi scheme.” On his radio program, Hannity discussed Trump’s proposal, calling taxation of Social Security benefits “stupid” and adding: “I mean, you're not even getting your benefits. This is money you paid into the system, and they're basically stealing it from you because unless you live to a 100, you know, how much of your own money are you ever going to get back? It's sort of like a bad Ponzi scheme.” [Premiere Radio Networks, The Sean Hannity Show, 7/31/24]
    • Fox & Friends endorsed Trump’s proposal. After co-host Ainsley Earhardt claimed Social Security beneficiaries face “a high tax,” co-host Steve Doocy said: “That is why the former president makes a great case. … That particular move could actually cement a lot of senior votes.” [Fox News, Fox & Friends, 8/1/24]
    • Project 2025 contributor Stephen Moore on Fox Business: “I think it’s a good idea. … We want people to keep working” into their 70s. Moore added: “I think Trump is on to something here. I think it’s good politics. … I think it’s good policy. We want people to keep working and stop taxing them to death.” [Fox Business, The Bottom Line, 7/31/24; The Guardian, 2/29/24]
    • Moore wrote in a column for Fox Business titled, “Trump's right about not taxing Social Security benefits.” In his column, Moore continued to embrace the policy as a means to keep seniors working longer: “We WANT and NEED seniors to continue to work if they are able-bodied and they want the extra income. Donald Trump is in his mid-70s and he works six to seven days a week. And he's healthier for it. The evidence is clear that the longer you work, the longer you live. As our society ages, life spans increase, and some 75 million baby boomers reach retirement age, we need to encourage seniors to stay on the job or perhaps work part-time in other endeavors.” [Fox Business, 8/1/24]
    • Fox Business correspondent Cheryl Casone framed Trump’s proposal as “former President Trump coming to the defense of elderly Americans.” [Fox Business, Mornings with Maria Bartiromo, 8/1/24]
    • Newsmax contributor Michael Grimm: “I think that is a game-changing winner.” Grimm added of senior citizen voters, “This is music to their ears.” [Newsmax, Carl Higbie Frontline, 7/31/24]
    • Fox contributor Leo Terrell: “Taxing Social Security is a double tax. Vote Trump to eliminate tax on Social Security Income!” [Twitter/X, 7/31/24]
    • Mario Nawfal, right-wing host of Mario Nawfal’s Roundtable on Twitter Spaces: “This move could win over many senior voters.” [Twitter/X, 7/31/24]
    • Students for Trump founder Ryan Fournier: “Trump just put this on Truth. I 100% AGREE!” [Twitter/X, 7/31/24]
    • Far-right social media influencer Rogan O’Handley, known online as DC_Draino: “Trump announces he wants to get rid of taxes on Social Security checks. He just won the senior vote.” [Twitter/X, 7/31/24]
    • Real America’s Voice host Wayne Allyn Root: “No taxes on Social Security for seniors” would “clinch the election for” Trump. [Twitter/X, 7/31/24]
    • Disgraced right-wing author and filmmaker Dinesh D’Souza: “Trump just announced that senior citizens should not be paying taxes on social security. This is huge!” [Twitter/X, 7/31/24]
    • Right-wing commentator Bill Mitchell: “Trump was very shrewd to get out front on calling for an end to taxes on social security. This will really appeal to seniors, the most reliable voting group.” [Twitter/X, 7/31/24]