Will stimulus checks continue with Trump as president?

• Proposal to Eliminate Social Security Taxes
• Possible Exhaustion of Funds by 2031
• Stimulus Check in Florida

The winner of the presidential election, Trump has announced a plan that seeks to eliminate taxes on Social Security benefits. This is intended to provide tax relief to Americans who rely on these incomes for their retirement.

This proposal, although attractive to some, has raised concerns among experts about its possible economic repercussions.

Currently, taxes on income represent about 4% of the Social Security funds, a percentage that, if eliminated, could lead the program into a situation of insolvency.

An analysis by the non-partisan Committee for a Responsible Federal Budget (CRFB) indicates that this measure would accelerate the depletion of the Social Security trust fund.

Will Trump Eliminate the Stimulus Check?

According to the study, if the proposal is implemented, a 33% cut in all benefits granted by Social Security is predicted, according to TV Azteca.

This cut would mean a considerable decrease in the monthly check received by beneficiaries; for example, the average check of $1,907 would be reduced by $629, resulting in an average of $1,278.

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For many retirees and people dependent on this program, a reduction of this size would affect their ability to cover essential expenses.

Republicans have estimated that Social Security funds could run out by 2035, but the CRFB warns that, with the former president’s proposal, funds could run out by 2031.

Additionally, the report forecasts that the elimination of these taxes would increase the deficit by approximately $2.3 trillion between 2026 and 2035.

Some proponents of the proposal argue that greater energy exploitation and the inclusion of additional revenues could offset the missing funds.

However, the CRFB dismisses this possibility, stating that even with extra income from energy exploration, the impact on the Social Security trust fund would be minimal.

This debate takes place in a context where states like Florida are implementing their own economic relief measures for their residents.

New Check in Florida

The state of Florida, for example, has approved a stimulus check of $450 to help families most affected by inflation and the rising cost of living.

This support aims to alleviate the impact of the increase in the price of essential products and basic services, such as gas and electricity.

To access this $450 stimulus check, applicants must meet certain eligibility requirements. Among the requirements, applicants must demonstrate legal residence in Florida for at least two consecutive years.

Additionally, the annual household income must not exceed $75,000, as stipulated by local authorities.

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