Marc Goldwein and Anthony Colavito: OBBBA Didn't End Taxes on Social Security Benefits; Here's What We Could Do Now
Marc Goldwein is Senior Vice President and Senior Policy Director of the Committee for a Responsible Federal Budget and Anthony Colavito is a Social Security Analyst at the Committee. They recently wrote an opinion piece for Barron's, an excerpt of which is below.
Contrary to claims from the Trump administration, the recently passed “One Big Beautiful Bill Act” didn’t end taxes on Social Security benefits. It did indirectly reduce those taxes, however, and in the process actually accelerates the insolvency of both the Social Security and Medicare trust funds.
Those funds are now expected to run dry in just seven years, at which point retirees will face a 24% across-the-board benefit cut. Fortunately, there are ways to avoid this cut and address taxation of benefits at the same time. Trump’s temporary tax reductions just aren’t one of them.
Read the entire piece here.
Published works by members or staff of the Committee for a Responsible Federal Budget do not necessarily reflect the views of all members or staff of the Committee.
