Horsford: Trump Tax & Spend Law Undermines Social Security Trust Fund

WASHINGTON, D.C. – Congressman Steven Horsford (NV-04) today received data from the Chief Actuary at the U.S. Social Security Administration showing that H.R. 1 – President Trump’s tax and spend law – hastens depletion of Social Security’s Trust Funds. 

Horsford, who is a Member of the House Ways and Means Committee with jurisdiction over the Social Security Administration, sent a formal request to Chief Actuary Karen P. Glenn on Friday, August 1, 2025, asking for analysis of how President Trump’s tax law impacts Social Security’s solvency.

By Monday, August 4, Horsford had received the analysis, showing that the law will cause Social Security trust funds to deplete two quarters early.

“President Trump’s tax and spend law is the scam that keeps on stealing,” Rep. Horsford said. “We already knew this law would kick 123,000 Nevadans off health coverage and threaten food assistance for more than 45,000 people in our state – now we know it undermines Social Security, too. My constituents work too hard making ends meet to have their earned benefits swindled to pay for tax breaks to corporations and the ultra-rich.”

Rep. Horsford has been an outspoken critic on the Trump Administration’s efforts to end Social Security as the American people know it.

February 25, 2025
Rep. Horsford spoke out when DOGE targeted a Social Security office in Las Vegas for closure without warning local leaders. The administration has since retreated from the planned closure.

March 5, 2025
Rep. Horsford co-led the Keeping Our Field Offices Open Act, which would prevent the Trump Administration from closing Social Security Administration offices.

March 19, 2025
Rep. Horsford raised an alarm about Trump administration plans in a leaked memo from SSA Acting Deputy Commissioner Doris Diaz that would significantly hamper operations and prevent people from applying for or receiving benefits. The memo suggested that applicants who cannot verify their identity with the SSA’s online system should visit a local field office in person, ending the opportunity for these individuals to apply for, or update, benefits over the phone.

April 10, 2025
Rep. Horsford led Ways and Means Committee Democrats in introducing a Resolution of Inquiry (ROI) requesting all documents and copies, records, audio recordings, memorandum, and more to the House of Representatives relating to backdoor benefit cuts that President Trump and Elon Musk enacted against the Social Security Administration, including requirements to apply for benefits in person, closing field and hearing offices, and reductions to SSA staff.

June 26, 2025
Rep. Horsford questioned Social Security Administration (SSA) Commissioner Frank Bisignano on Trump administration efforts to close SSA offices and roll back earned benefits. During his questioning, Horsford asked whether Commissioner Bisignano would work to ensure all field offices are not only fully operational, but also better staffed, more efficient, and equipped to meet the growing needs of the public. Bisignano, who was visibly and audibly noncommittal throughout his testimony, said yes only after Horsford demanded a yes or no answer.

 
Text of Rep. Horsford’s August 1 letter to Chief Actuary Karen P. Glenn is available here.

Information about how President Trump’s tax and spend law impacts Nevada is available here.

 SSA Chief Actuary Karen P. Glenn’s report is available here.

More information about how Rep. Horsford has worked to protect Social Security and its beneficiaries is available here.