President Trump began the demolition of Social Security with the $6,000 additional tax standard deduction per individuals over 65 with incomes of less than $75,000 ($150,000 for joint filers). This is in effect through 2028.
However, what the government is not telling you is that this will mean Social Security funding will reach the point where payments will need to be decreased by 24% beginning in 2031 if Congress does nothing to increase payments into Social Security funding. This critical point originally was predicted to occur in 2035, but since these additional deductions come directly from the Social Security funds already in existence, the funds will decrease at a faster rate than initially predicted.
Congress can make up the difference in one of several ways:
• Increase the Social Security tax for employers/individuals by 1%.
• Increase the age of retirement.
• Remove the wage cap for Social Security taxes, currently set at approximately $184,000 for 2026.
The current logjam in both the House and Senate makes legislation to fix Social Security on a bipartisan basis, especially as Republicans have been looking to dismantle the program since its inception under FDR, unlikely. This outcome was baked into the Big Beautiful Bill — is this what you wanted?
Harold Franklin Weaver
Hempfield