With newly elected Donald Trump taking office, many seniors are wondering how the new administration will affect them. On the campaign trail, President Trump has spoken on several issues directly relating to seniors. Here are a few of President Trumps promises and how they could affect the senior population in America.
- Estate Taxes
President Trump has been open about his disdain for the estate tax. If an estate is worth over $5.45 million, it could be hit with up to a 40% tax. If President Trump holds true to his word, this would mean seniors would be able to pass more wealth down to their families.
- Income Taxes
President Trump claimed that seniors making under $25K per year would pay no taxes and the same tax relief applies to married couples earning under $50K per year. This could be added relief for seniors with lower income.
Also, President Trump has vowed to implement a tax deduction for deductibles up to $5,000 for all senior citizens.
- Social Security
President trump was quoted saying, “They want to cut your Social Security. I’m not cutting your Social Security.” and vowed to meet Americas obligation to it’s senior citizens. President trump also vowed not to “raise the age” above 65 years old for recipients, but rather focus on social security fraud.
President Trump said he would save Medicare $300m by letting Medicare negotiate directly with pharmaceutical companies.
- Dependent Care Savings Account
Under the president’s new proposed plan, low income families can opt to set up an account where the funds come directly out of the tax payers income taxes. If the low income tax payer contributes $1000, the government will add an additional $500. The tax plan was designed for children but could also be used for senior care.
In conclusion: We know politicians can promise big and deliver small, but if President Trump can deliver these proposals, seniors should be excited for the future. Lets hope for our seniors in this country that President trump can deliver.
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