President-elect Donald Trump has proposed two major changes to Social Security: eliminating federal income taxes on benefits and funding the program through expanded oil and gas drilling. While these ideas resonate with many seniors, the political and financial challenges may delay their implementation.
Trump aims to end federal taxes on Social Security, which currently affect around 40% of recipients based on income. However, doing so would worsen the program’s solvency, making it difficult to gain bipartisan support. Meanwhile, his plan to boost funding through increased drilling faces obstacles; even if all federal land were utilized, experts estimate it would cover less than 4% of Social Security’s projected shortfall.
With political gridlock and logistical hurdles, achieving these changes by 2026 appears unlikely, leaving Social Security reform an ongoing debate.
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