Social Security could face cuts sooner after Trump’s tax break

Social Security is one of the most important government programs ever created because millions of elderly and disabled people rely on the program to cover their bills. Unfortunately, the program is facing some financial problems.

The most recent report from the Social Security Trustees in June of 2026 reported that the Old Age and Survivors Insurance (OASI) trust fund is expected to be depleted in 2032.

This is a year earlier than the prior report suggested. And one big reason that's the case is because of a Trump administration policy.

According to the Bipartisan Policy Center, Social Security is likely to run out of money a year sooner than anticipated because of President Trump's signature legislation, the One Big Beautiful Bill Act. The OBBBA made many changes to U.S. law, but the one that most directly impacts Social Security relates to the taxes that retirees pay.

The OBBBA aimed to fulfill one of President Trump's signature campaign promises. The president pledged to eliminate taxes on Social Security benefits. While the Act did not actually change the Social Security tax rules, it did introduce a new deduction for retirees.

The OBBBA allows each eligible individual age 65 or older to claim…

Original source: https://www.usatoday.com/money/