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How will the Trump Administration affect Social Security Insolvency? - Yahoo News
Social Security insolvency has been in the news a lot recently. Analysis by the Committee for a Responsible Federal Budget (CFRB) shows the Social Security Trust Fund may become insolvent by 2031, three years earlier than previously projected.
Implementation of the Social Security Fairness Act has already had an effect on the insolvency date. Will Trump’s plans to eliminate income taxes on Social Security benefits, overtime pay and tipped income exacerbate this issue even more? This article by Tobi Opeyemi Amure for GOBankingRates, published by Yahoo News explains here…
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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