Social Security Chief Praises Bill Analysts Say Will Deplete Trust Funds

The bill, expected to be signed by President Donald Trump on Friday, centers on significant tax cuts, including an increase in the standard deduction. Analysts at the Center on Budget and Policy Priorities argue this shift provides minimal relief to lower-income households while simultaneously draining the Social Security trust funds by lowering the tax burden on benefits.

The Committee for a Responsible Federal Budget projects the package will push the depletion date of the Old-Age and Survivors Insurance Trust Fund forward by a full year. Under current projections, the fund is expected to sustain full benefit payments until 2033, dropping to 77% thereafter if no legislative adjustments are made. Critics like Representative John Larson (D-Conn.) argue that instead of enacting cuts that diminish the program’s long-term viability, Congress should focus on expanding benefits to meet the needs of an aging population.