Social Security Faces 22% Benefit Cuts by 2032 as Trump’s 2025 Tax Law Speeds Depletion
Updated
Updated · WRAL News · Oct 5
Social Security Faces 22% Benefit Cuts by 2032 as Trump’s 2025 Tax Law Speeds Depletion
3 articles · Updated · WRAL News · Oct 5
Summary
2032 is the new projected insolvency date for Social Security, a shift that would trigger automatic benefit cuts of more than 20% rather than end the program outright.
Trump’s 2025 tax package accelerated the fund’s depletion, including temporary $6,000 deductions that made Social Security income tax-free for nearly all recipients through 2028.
North Carolina’s Senate race has turned that deadline into a campaign issue because the winner will serve until 2033, when Congress must decide how to shore up the program.
AARP’s late-September poll found Roy Cooper leading overall 53% to 42%, but Michael Whatley ahead 51% to 45% among voters 50 and older; 83% of older voters called Social Security a key issue.
Cooper backs higher taxes on the wealthy to preserve benefits, while Whatley opposes tax increases and benefit cuts but has offered few specifics, underscoring the broader bipartisan stalemate over solvency.