Trump Commits to Social Security Protection Amid Tax Law Changes
President Trump marked Social Security's 90th anniversary, reiterating his commitment to the program while showcasing his recent tax law’s benefits for seniors. However, experts warn these changes may hasten fund insolvency. The administration’s move towards a digital-first approach aims to enhance efficiency and tackle fraud.
- Country:
- United States
On Thursday, US President Donald Trump underscored his dedication to protecting Social Security as the administration commemorated the program's 90th anniversary. Highlighting recent tax law changes, Trump emphasized benefits aimed at senior citizens, noting them as the largest tax breaks for seniors in US history, according to The Hill.
The tax reform, dubbed the One Big Beautiful Bill Act, offers a temporary $6,000 deduction for those aged 65 and over. While Trump maintained the reforms intend to prevent program insolvency, some experts warned the measures might accelerate Social Security trust fund depletion, with projections moving the exhaustion date to early 2034.
In a bid to modernize, the Social Security Administration, led by Commissioner Frank Bisignano, is advancing towards a digital-first model with a goal to create digital accounts for 200 million Americans by next year. This initiative aims to combat fraud and enhance service efficiency, reflecting efforts to streamline operations amidst criticism.
(With inputs from agencies.)
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