Monday, Mar 19th

Last update05:20:13 AM GMT

You are here News Economy The GOP tax plan could negatively affect your Social Security benefits

The GOP tax plan could negatively affect your Social Security benefits

E-mail Print PDF

Tax reform? No, tax CUTS for the wealthy!Without a guaranteed monthly stipend, the number of seniors living below the federal poverty level could well rise by millions. In fact, the Social Security Administration (SSA) reports that 34% of elderly Americans receiving benefits relies on Social Security for 90% or more of their monthly income. Stats like these are why Social Security is so important, and why current and future retirees are eager to see this critical program protected.

But this "financial rock" is primed to face some serious obstacles in the years to come. The most recent annual report from the Social Security Board of Trustees estimates that it'll begin paying out more in benefits than it's collecting in revenue by 2022. Just 12 years later, in 2034, its approximately $3 trillion in asset reserves will be completely depleted. To continue making monthly payments through 2091, the Trustees believe an across-the-board cut to benefits of up to 23% may be needed.


Most Recent Related Stories...

Ignoring GOP Pleas, Trump Sets Tariffs In Motion

Trump sets tariffPresident Donald Trump on Thursday set in motion tariffs that will slap fees on many imports...

27 Trump says he will impose tariffs on steel and aluminum imports 'next week'

Trump to impose steel and aluminum tariffsPresident Trump said Thursday he will soon place tariffs on steel and aluminum imports —  a move...

Trump aides defend tariffs move as Europe and China decry 'trade war'

Trump aides defend tariffs as Ueope and China decry 'trade war' White House officials fanned out on Sunday to support Donald Trump’s planned imposition of tariffs on...

Dow Jones plunges 1,000 points as inflation fears spook investors

Stock Market plunges more than 1000 points Wall Street was on Thursday heading for its toughest week in more than two years after...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!