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New Lease Agreement Boosts Commercial Real Estate Market Stability

August 8, 2024

The most recent and costliest of Mr. Trump’s ideas would end income taxes on Social Security benefits. First, it was a tax cut for hotel and restaurant workers in Nevada, a swing state where Donald J. Trump proposed exempting tips from taxes. Then, in front of powerful chief executives gathered in Washington, Mr. Trump floated cutting the corporate tax rate, helping to ease concerns in the business community about his candidacy.

Political Appeal and Economic Concerns

Now Mr. Trump is calling for an end to taxing Social Security benefits, which could be a boon for retirees, one of the most politically important groups in the United States. Repeatedly during the campaign, Mr. Trump and Republicans have embraced new, sometimes novel tax cuts in an attempt to shore up support with major constituencies. In a series of social-media posts, at political rallies, and without formal policy proposals, Mr. Trump has casually suggested reducing federal revenue by trillions of dollars.

While policy experts have taken issue with the ideas, Mr. Trump’s pronouncements have real political appeal, at times putting Democrats on their back foot. Nevada’s two Democratic senators and its powerful culinary union have endorsed ending taxes on tips. The AARP supports tax relief for seniors receiving Social Security benefits, though it has not taken a position on Mr. Trump’s proposal.

“You do have to scratch your head a little bit when someone’s going around offering free lunches everywhere,” said Jesse Lee, a Democratic consultant and former Biden White House official. “We’re all for people having their lunch, but we have to raise taxes on the wealthy to pay for it.”

The most recent and most expensive of Mr. Trump’s plans is ending income taxes on Social Security benefits, which could cost the federal government as much as $1.8 trillion in revenue over a decade, according to the Committee for a Responsible Federal Budget. That would burn through the program’s financial reserves more quickly and hasten the moment when the government is no longer able to pay out Social Security benefits in full under current law.

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Former President Donald Trump has proposed eliminating taxes on Social Security benefits. This move aims to provide financial relief to retirees by allowing them to retain more of their benefits, potentially boosting disposable income and stimulating economic activity among senior citizens.

Can Mr. Trumps proposal to end income taxes on Social Security benefits significantly impact retirees?

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