A budget group has stated that Trump's plan would lead to Social Security's insolvency in just six years.

• A nonpartisan budget group stated that Donald Trump's tax-cut plans and other agenda items would accelerate Social Security's insolvency.
• The Republican nominee's proposals would exacerbate Social Security's cash shortfall by trillions of dollars, resulting in even more severe benefit cuts in the future, according to the group's estimate.
• Both Trump and Harris have pledged to safeguard Social Security and Medicare.

A nonpartisan budget group stated on Monday that the campaign plans of former President Donald Trump would speed up the date when Social Security is projected to run out of funds, significantly.

The group found that Trump's agenda would make the popular government program, relied upon by millions of American seniors, insolvent in six years, shrinking the current timeline by a third.

The Committee for a Responsible Federal Budget's US Budget Watch 2024 stated that the Republican nominee's proposals would exacerbate Social Security's cash shortfall by trillions of dollars, resulting in even steeper benefit cuts in the future.

The CRFB budget group stated in a blog post that President Trump's campaign proposals would negatively impact Social Security's finances.

The Trump campaign pushed back fiercely on the post.

According to spokeswoman Karoline Leavitt, the experts at CRFB have been consistently incorrect throughout the years.

Leavitt stated that Trump would continue to protect Social Security in his second term, while claiming that Harris posed a threat to the program's solvency due to her policies, which would bring in an influx of undocumented immigrants and cause Social Security to collapse.

Only certain noncitizens are eligible to qualify for Supplemental Security Income benefits.

According to the Congressional Budget Office, Social Security trust funds will be depleted by the end of Fiscal Year 2034, which starts in October.

While the Social Security trustees' projections indicate that the program's combined funds may only sustain full benefits until 2035, the trust fund that funds retirement benefits may deplete even earlier, in 2033.

Both Trump and Vice President Kamala Harris, the Democratic nominee, have pledged to safeguard Social Security and Medicare, the government-funded healthcare program, while rejecting any reductions.

Trump has pledged to implement a series of tax reductions aimed at specific American demographics.

He has suggested removing taxes on seniors' Social Security benefits, abolishing taxes on service workers' tips and overtime wages, decreasing the corporate tax rate even more, and imposing comprehensive tariffs on imported goods.

The CRFB stated in Monday's post that the tax-cut plans and Trump's promise to implement mass deportations would increase Social Security's cash deficits.

Specifically, the group found that his agenda would:

• Boost Social Security's 10-year shortfall by $2.3 trillion through FY 2035;
• Accelerate its insolvency timeline to FY 2031 from FY 2034;
• The CBO projects a 23% benefit cut in 2035, but this number may increase to 33% across-the-board.
• Increase its annual shortfall by about 50% in FY 2035; and
• To restore Social Security's 75-year solvency, one third of current benefits must be reduced or revenue must be increased by half.

Given that Trump's plans include cutting taxes that bring significant revenue to Social Security's trust funds, it's no surprise that those findings are unsurprising, said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare.

According to Freese, reducing income taxes and payroll taxes will affect Social Security.

If the proposal you're considering has a significant impact, it will be particularly noticeable when the trust fund depletion date is within the next decade.

Harris has earned the endorsement of the National Committee to Preserve Social Security and Medicare for her presidential bid.

"Andrew Biggs, a senior fellow at the American Enterprise Institute and former principal deputy commissioner of the Social Security Administration, stated that he does not believe the Trump campaign is intentionally trying to undermine Social Security, as it is not a top priority for them when putting forth proposals."

Other policies, such as curbing immigration, would also have consequences for Social Security, in addition to certain proposals that directly affect it, he stated.

"Social Security is so large that any changes to it will have an impact on the economy, tax code, and other things, as Biggs stated."

As the funding depletion dates for Social Security draw near, both campaigns could offer more specifics on their proposed reforms, according to him.