Trump Plans To Cut Social Security Taxes, Could Help Millions But Risks Insolvency In 6 Years

Trump's plan to cut Social Security taxes could benefit millions, particularly top earners. Not only that, Social Security checks will increase by 2.5% in 2025 due to a cost-of-living adjustment (COLA), raising the average monthly benefit to $1,976, but retirees need to do this online - find out what in today's Money Making Moves:

> President-elect Donald Trump's proposal to cut taxes on Social Security benefits could offer financial relief to millions of Americans, especially high-income earners. While wealthier recipients stand to benefit the most, experts warn the plan could jeopardize Social Security's long-term solvency, potentially depleting its trust fund as early as 2030. The proposed cuts are estimated to cost $1.5 trillion over the next decade, raising concerns about future benefit reductions. This controversial plan is unlikely to gain bipartisan support due to its potential risks to Social Security's sustainability.

> Bernard Arnault, CEO of luxury conglomerate LVMH, has made a series of leadership changes, appointing his son Alexandre Arnault as Deputy CEO of Moët Hennessy starting in February 2025. This move follows consultations with LVMH's Sustainability and Governance Committee and is consistent with similar appointments of Bernard's other children within the company. All five of his children hold various executive roles in LVMH, fueling speculation about potential succession plans. Bernard, the world's richest person, has publicly stated that his successor should be the best candidate, whether inside or outside the family.

> Gold prices have fallen to a near two-month low as the dollar strengthens and risk-on sentiment rises following Donald Trump's re-election. Spot prices have dropped nearly 7% since his victory, while U.S. equities and cryptocurrencies have surged, reflecting market optimism over anticipated deregulation and tax cuts. Analysts suggest that gold's decline could continue in the short term, but long-term demand remains supported by central bank purchases, geopolitical tensions, and concerns over Trump's economic policies. Despite the current pullback, fundamentals for gold's value as a hedge against economic risks and inflation are still strong.

The pet industry is thriving, with U.S. pet owners spending $103.6 billion in 2020, reflecting the deep bond people share with their pets. Pets are often treated as family members, driving demand for pet products and services. For pet lovers, entering this market can be a rewarding business opportunity. Offering items such as pet products, grooming supplies, or food and treats presents ample room for success.

If you're a crafter, the holiday season offers a great opportunity to earn by creating handmade gifts. Opening an Etsy shop allows you to sell holiday-themed items such as wreaths, ornaments, and unique presents. Many shoppers seek one-of-a-kind gifts during this time, making it a prime market for artisans. This could lead to a substantial seasonal income while showcasing your creativity.

> Americans' credit card debt reached a record $1.17 trillion in the third quarter of 2024, up $24 billion from the previous quarter, despite a slight drop in delinquencies. Many consumers, including 28% of those using credit cards for holiday spending, are still carrying debt from last year's purchases, a slight improvement from 2023. Retirees' credit card debt has surged, with 68% carrying balances in 2024 due to inflation-driven expenses. In response to evolving payment needs, Mastercard aims to eliminate card numbers and static passwords by 2030, focusing on biometric security and tokenization for seamless and secure online transactions. To improve your credit knowledge, click here.

> President-elect Donald Trump has appointed Elon Musk and biotech entrepreneur Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE), aimed at cutting federal spending and reducing bureaucratic red tape. Musk and Ramaswamy will co-chair this informal advisory body, working closely with the White House and Office of Management and Budget with a target date for recommendations by July 4, 2026. Musk called for unpaid "super high-IQ revolutionaries" to join DOGE, promising transparency and a commitment to cutting at least $2 trillion from the federal budget. While the initiative has received praise for its reform goals, critics have raised concerns about conflicts of interest and Musk's involvement in federal projects.

> In October, over 72.79 million Americans received Social Security benefits, with an average monthly payment of $1,787.08. This program is essential for 54.15 million retirees, often making up a substantial portion of their income, with many depending on it for up to 50% or more of their monthly earnings. For 2025, Social Security checks will increase by 2.5% due to a cost-of-living adjustment (COLA), raising the average monthly benefit to $1,976. Retirees are encouraged to create a my Social Security Account to access personalized benefits, estimate future payments, and manage important Social Security-related tasks online.