6 Changes That Could Come to Upper-Class Retirees' Finances in the First Month of Trump's Presidency

Contributing sentiments towards policy:

61% : Currently, 40% of people who receive Social Security benefits pay tax on these benefits.
53% : Implementing this plan would need legal approval from Congress but may also exacerbate problems with keeping the system functional into the future.
46% : House Speaker Mike Johnson announced that Republicans will finalize and adopt their tax plans in budget form by February's end, despite lacking visible executive orders on tax policy, Politico reported.
38% : Not to forget that Trump had plans to eliminate the $10,000 annual limit on SALT tax deductions, which might also help rich retirees in high-tax states.
32% : But when Trump mentioned discussing 25% tariffs on Canada and Mexico that would start on Feb. 1, uncertainty rose.
18% : Financial markets reacted to the beginning of Trump's second term: Treasury yields fell as stocks rose, relieved that Trump did not immediately impose broad tariffs.
17% : Read More: Trump Wants To Eliminate Social Security Taxes: 3 Moves Retirees Should Make This Winter Trump wants to cancel federal taxes on Social Security earnings to provide greater spending power for retirees from wealthy backgrounds, according to CNN.

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