President Trump signed a proclamation marking the 90th anniversary of the establishment of Social Security, while boasting changes in his recent tax law aimed at providing relief to seniors.<\/p>\n
\u201cOn the 90th anniversary of the establishment of this historic program, I recommit to always defending Social Security, rewarding the men and women who make our country prosperous, and taking care of our own workers, families, seniors and citizens first,\u201d Trump said in the Oval Office.<\/p>\n
The president touted his \u201cbig, beautiful\u201d tax law enacted last month as paving the way for the \u201clargest tax break for seniors in the history of our country,\u201d while lauding efforts in his administration to root out \u201cfraud, waste and abuse.\u201d<\/p>\n
The One Big Beautiful Bill Act, which Trump signed in July, greenlighted a temporary $6,000 tax deduction for those at least 65 years of age. However, some experts have argued<\/a> the move will likely have a larger impact on those in the upper-middle class than those on the lower end.<\/p>\n \u201cYou reported it all the time. In four or five years, it\u2019s going to go bust, but not anymore, it\u2019s not,\u201d he claimed to reporters, while also boasting efforts in the administration aimed at finding \u201ctremendous fraud, where we have illegal aliens.\u201d<\/p>\n But recent analysis from<\/a> the Trump administration\u2019s chief actuary for the program projected the president\u2019s recent tax and spending megabill could speed up insolvency for Social Security\u2019s trust funds, which could start seeing lower levels of tax revenue of benefits starting this year.<\/p>\n With the recent tax changes, the Office of the Chief Actuary at the Social Security Administration projected depletion of the combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds will accelerate from the third quarter of 2034 under the recent board of trustees\u2019 report baseline to the first quarter of 2034.<\/p>\n Trump\u2019s comments come as his administration\u2019s plans to significantly reduce<\/a> the agency\u2019s workforce and increased rhetoric<\/a> about eliminating \u201cbillions of dollars\u201d in fraud in the program have drawn much public attention in recent months.<\/p>\n Social Security Administration (SSA) Commissioner Frank Bisignano, who attended the event Thursday, also vowed that Social Security would move to become \u201cdigital first.\u201d<\/p>\n \u201cThis will be a digital first agency, and we are building My SSA accounts, that\u2019s the digital account, and we have a bold goal of 200 million Americans to have a digital SSA account by the end of next year,\u201d he said. \u201cIt will happen, just like we had a bold goal of single-digit wait time on the calls when they were at 40 minutes.\u201d<\/p>\n \u201cYou should expect this to be a great digital first agency. My commitment to make this happen is as deep as the president\u2019s commitment to make the world a great place,\u201d Bisignano also said, adding, \u201cSocial Security will be great again.\u201d<\/p>\n Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n