US EditionTrump’s megabill could deplete Social Security’s trust funds faster: Analysis
UNITED STATES, AUG 6 – The budget law reduces Social Security taxable income and accelerates fund depletion by nearly one quarter, with experts citing a $30 billion annual tax benefit shift to higher-income seniors.
- On Tuesday, the Social Security Administration's chief actuary Karen Glenn warned the budget package signed last month will harm Social Security, accelerating reserve depletion from the first quarter of 2033 to the fourth quarter of 2032.
- Under the new budget measure, creating a $6,000 deduction through 2028 is projected to reduce taxable income, including from Social Security benefits, and lower trust fund revenue starting in 2025.
- According to her analysis, the law will decrease the 75-year actuarial balance by 0.16 percent of taxable payroll and, past the depletion date, the fund would pay 77% of scheduled benefits.
- Amid the expert critiques, the Center on Budget and Policy Priorities noted the law depletes trust funds faster and helps few low- and middle-income seniors.
- Fewer than half of older adults will benefit at all, with those making between about $130,000 and $190,000 gaining most, while about 99% of those making $24,000 or less get none.
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Social Security funds will deplete earlier than expected, chief actuary warns
The chief actuary for Social Security says that President Donald Trump’s One Big Beautiful Bill Act (OBBBA) will increase the program’s costs starting in 2025, causing the combined Social Security trust funds — Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) — to run out of money earlier than previously projected. Trust funds now expected to be depleted in early 2034 In a letter sent Tuesday to Senate Finance Committee Ranki…
Trump’s megabill could deplete Social Security’s trust funds faster: Analysis
President Trump’s tax and spending megabill could speed up insolvency for Social Security’s trust funds, according to an analysis from the Trump administration's chief actuary for the program.
·Washington, United States
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Total News Sources8
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
13%
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