Trump’s proposed Social Security tax cuts would chop benefits, advocates say

investmentnews.com:

Former President Donald Trump this week promised retirees that he would end the tax on Social Security benefits if elected – and policy experts have been quick to critique that idea.

The problem is that the money to make the system solvent must come from somewhere, a concept that politicians have long been leery of touching, especially when campaigning. It’s common to pledge to protect Social Security and to not raise taxes that would fund it, and those routes are incompatible.

“The reason politicians don’t want to touch it is because the brain is hardwired to fight to protect the individuals from loss. Nobody wants to have to face benefit cuts,” said Mary Johnson, policy analyst and editor at The Senior Citizens League. “Anybody who dares touch Social Security is going to have to answer to the electorate about the choice of avenues they take to do that. If action is not taken, these promises not to touch benefits are basically allowing a 22 percent benefit cut to take place. No action is equivalent to allowing a benefit cut.”

Vice President Kamala Harris, the presumptive nominee on the Democratic ticket, has not presented a tax plan for her campaign, though her team will likely do so after the Democratic National Convention later this month, Johnson said.

But the media has already started examining the Social Security track record of her VP running mate, Minnesota Gov. Tim Walz. During a debate in 2010, Walz reportedly agreed in principle to the idea of increasing the retirement age over time and adjusting the wage cap for the payroll tax that funds Social Security. However, the Harris campaign responded to the press that Walz does not support raising the retirement age.

And as governor, Walz expanded exemptions on