Former President Donald Trump proposed eliminating the tax on Social Security benefits in a recent Truth Social post.

This tax, established by a bipartisan reform in 1983 under President Ronald Reagan, was designed to support the Social Security trust fund.

Currently, up to 50% of Social Security benefits can be taxed for incomes between $25,000 and $34,000, and up to 85% for incomes above $34,000.

Trump’s proposal follows his earlier pledge to end taxation on tips and his consideration of reducing payroll taxes during his presidency.

The Republican Party platform opposes cuts to Medicare or Social Security and raising the retirement age, Newsmax has reported.

With Social Security and Medicare trust funds projected to deplete by the mid-2030s, Trump’s tax proposals face challenges amid a projected $1.9 trillion national deficit for fiscal year 2024.

Written by B.C. Begley