President Donald Trump celebrated his 79th birthday this June; meaning he has been eligible to assert decreased Social Safety advantages since 2008, when he turned 62. As he was born in 1946, his full retirement age (FRA) was 66, a milestone he hit in 2012. And the identical yr Trump launched his first bid for the presidency in 2016, he turned 70. At that age, he would have been eligible to assert his most profit by incomes delayed retirement credit. Does President Trump declare Social Safety advantages? Effectively, in line with his most not too long ago accessible tax return, tax yr 2020, he doesn’t declare Social Safety advantages. The First Girl will not be eligible to assert Social Safety till 2037, when she turns 62.
It’s not simple discovering out whether or not our senators or congresspeople are claiming Social Safety advantages. Nobody in any of the three branches — judicial, government, or legislative — is required to launch their 1040s. They do must file monetary disclosure types, however the types don’t reveal if the filer had reported Social Safety advantages that have been taxable or not. Historic returns which might be accessible do not reveal a lot; advantages solely grew to become taxable in 1984 after the passage of the 1983 Amendments to the Social Safety Act. There could be no observe document to observe with out the taxation of advantages.
If you’re questioning if presidents pay Social Safety taxes on their revenue, they do, beginning in 1984. The Social Safety Act in 1983 introduced members of Congress, the President and Vice President, federal judges, and most political appointees below the Social Safety program. The wages paid to Presidents Reagan, Bush ’41, Clinton, Bush ’43, Barack Obama, Donald Trump, and Joe Biden have been topic to FICA taxes.
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My greatest useful resource for presidential tax return data was the Tax Analyst’s Tax Historical past Venture, which incorporates presidential tax returns going again to Woodrow Wilson. Let’s check out which politicians do declare Social Safety advantages.
President Donald Trump and Melania Trump didn’t declare advantages as of 2020
(Picture credit score: Getty Photos)
President Trump did not launch his tax returns; his tax returns from 2015 by way of 2020 have been launched by the Home Methods and Means Committee that voted alongside occasion traces to launch the returns on December 20, 2022.
Whereas none of those returns present any Social Safety revenue, they do present different data. On their 2020 federal tax return, each Donald and Melania Trump checked ‘Sure” so as to add $3 to the Presidential Election Marketing campaign fund. They confirmed $915,171 in itemized deductions and $13,468,593 in tax overpayments. They elected to take $5,468,593 as a refund and apply the remaining $8 million to their 2021 estimated taxes.
Joe and Jill Biden have claimed advantages since 2008
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Earlier than working for the Senate in 1972, former President Biden labored at a number of legislation corporations, began considered one of his personal, and managed properties on the aspect. Joe Biden was born in 1942, and he and his ’42 cohorts have been eligible for full retirement advantages once they have been 65 years and 10 months in 2008. That can also be the primary yr the Bidens’ joint tax return exhibits Social Safety revenue of $6,534. In 2023, the couple reported $64,254 in Social Safety revenue.
The Bidens’ tax returns from 1998 by way of 2023 can be found for overview or scrutiny, relying in your political affiliation.
Hillary and Invoice Clinton didn’t declare advantages as of 2015
(Picture credit score: Getty Photos)
Hillary Clinton was the First Girl from 1993 to 2001. She and her husband, President Invoice Clinton, have been too younger to gather Social Safety once they have been within the White Home. Nonetheless, the tax returns from Mrs. Clinton’s presidential run in 2016 present us with perception into the Clintons’ funds. As of 2015, neither Hillary nor Invoice Clinton collects Social Safety advantages.
Hillary Clinton turned 62 in 2009 and hit her FRA of 66 in 2013. Invoice Clinton grew to become eligible for decreased advantages at 62 in 2008 and reached his full retirement age of 66 in 2012. The Clintons’ joint tax returns from 2008 by way of 2015, once they have been eligible to gather advantages, present no Social Safety revenue.
George H. and Barbara Bush didn’t declare advantages as of 1991
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George H.W. grew to become the forty first president after two phrases as vp for Ronald Reagan. Bush was eligible to begin receiving decreased advantages at age 62 in 1986. He reached his full retirement age in 1989, a yr after he was elected president. There are solely three joint tax returns for the Bushes, from years 1989, 1990, and 1991, accessible for inspection. These returns present no Social Safety revenue.
Ronald and Nancy Reagan didn’t declare advantages as of 1987
(Picture credit score: Getty Photos)
Former President Reagan took workplace in 1981, the identical yr he would flip 70. He might have begun claiming Social Safety advantages in 1973 at age 62. His full retirement age was 65, which he hit in 1976. As I discussed earlier, till advantages grew to become taxable in 1984, there was no definitive solution to know if somebody collected advantages outdoors of a private assertion or admission. The one related tax returns accessible for overview are 1985, 1986, and 1987. None of those (joint revenue) returns exhibits any Social Safety revenue.
The clock is ticking on the Social Safety belief fund
Social Safety has usually been referred to as the ‘third rail of politics’ as a result of makes an attempt to tinker with advantages have been met with fast and vocal pushback. What are the politicians afraid of? Older Individuals vote in bigger numbers than every other group. In 2024, 72.1% of these aged 65-75 and 71.2% of these aged 75 and over voted, in line with the Census Bureau. These two teams prove to vote in greater numbers than different demographics. For example, lower than half of these 18 to 24 voted within the 2024 election cycle.
The Social Safety and Medicare belief funds are on observe to grow to be bancrupt within the subsequent decade. If nothing adjustments, the Social Safety’s Outdated-Age & Survivors Insurance coverage (OASI) Belief Fund shall be depleted by 2033, at which level advantages could be decreased by 21%. The Medicare Belief Fund is in barely higher form. It is estimated that future beneficiaries might want to save just a little over $100k to make up the shortfall if advantages are decreased.
