Tax Free Social Security for Seniors

Russ McAlmond, a U.S. Marine Corps veteran, Certified Financial Planner (CFP), and the only veteran running for Oregon’s U.S. Senate seat in 2026, brings a unique perspective shaped by decades of financial planning experience and military service to the race against incumbent Sen. Jeff Merkley.

As a Republican candidate emphasizing practical, common-sense solutions, McAlmond has outlined targeted reforms to Social Security and estate/inheritance taxes. His proposals aim to deliver immediate relief to seniors, restore purchasing power eroded by recent inflation, eliminate unfair double taxation, and protect family farms and small businesses from bureaucratic disruption.

Rather than relying on complex deductions or volatile exemptions, McAlmond advocates straightforward changes that prioritize simplicity, equity, and economic stability for Oregonians.

Central to McAlmond’s Social Security platform is his call to make all Social Security payments completely tax-free at the federal level. Currently, many seniors face taxation on a portion of their benefits through an indirect mechanism often addressed via senior tax deductions or credits.

McAlmond argues that this approach creates unnecessary complexity and administrative friction. By eliminating taxes on Social Security income outright—rather than offsetting them with deductions—recipients would experience a cleaner, more transparent boost to their net income. This reform would enhance purchasing power without requiring seniors to navigate intricate tax forms or worry about phase-outs based on other income sources.

For retirees living on fixed incomes in Oregon, where cost-of-living pressures are acute, the change represents a direct and reliable increase in disposable funds for essentials like housing, healthcare, and groceries. McAlmond’s background as a CFP informs this proposal: he has seen firsthand how even modest tax burdens compound financial stress for those who can least afford it, and a tax-free structure would streamline retirement planning nationwide.

Complementing this is McAlmond’s proposal for a one-time, across-the-board $500 increase in monthly Social Security payments for every current recipient. This flat-dollar adjustment is deliberately designed to provide proportionally greater relief to those with the smallest benefits—the most vulnerable seniors—while still delivering meaningful support to all.

McAlmond points to the gap between official Cost-of-Living Adjustments (COLAs) and actual inflation, particularly in food prices, which surged disproportionately during the Biden administration years.

Many seniors report that COLAs have failed to keep pace with real-world expenses at the grocery store and pharmacy. The $500 boost would serve as a targeted catch-up mechanism, helping Oregon’s retirees regain lost ground without creating long-term fiscal imbalances or means-testing that could disincentivize saving.

As McAlmond explains, this one-time infusion recognizes the unique inflationary pressures of recent years and prioritizes dignity and self-sufficiency for those who have paid into the system over decades of work.

Beyond Social Security, McAlmond extends his tax-reform vision to estate taxation, calling for the outright elimination of the federal estate tax. He contends that the tax generates relatively little revenue for the federal budget while imposing a fundamentally unfair form of double taxation.

Assets included in an estate have typically already been taxed as income, capital gains, or through other levies during the decedent’s lifetime; taxing them again upon transfer penalizes thrift and successful planning. McAlmond highlights the instability of the current system: although the federal exemption threshold is currently high, Congress has repeatedly adjusted it, creating uncertainty that forces families—especially those owning family farms or small businesses in rural Oregon—to scramble for liquidity.

Selling land, equipment, or inventory to pay estate taxes can fracture multi-generational operations and erode community economic anchors. Eliminating the tax would remove this artificial pressure, allowing families to focus on preservation and growth rather than forced liquidation.

McAlmond applies the same logic at the state level, urging the repeal of Oregon’s inheritance tax, which he describes as one of the most burdensome in the nation. With a low threshold starting at just $1 million, the tax reaches far beyond the ultra-wealthy and frequently impacts middle-class Oregon families who have built modest estates through hard work and prudent saving. Farms, timberland, and small businesses in regions like Southern and Eastern Oregon are particularly exposed.

McAlmond argues that this tax discourages intergenerational wealth transfer and undermines the very values of self-reliance and family stewardship that strengthen communities. Repealing it would align Oregon with a more competitive, family-friendly tax environment and prevent the state from being an outlier that drives talent and capital elsewhere.

Collectively, McAlmond’s recommendations form a coherent strategy rooted in his dual expertise as a veteran who understands sacrifice and a financial professional who understands compounding effects—both positive and negative.

By making Social Security tax-free and providing a targeted one-time increase, he seeks to restore dignity and purchasing power to Oregon’s seniors without layering on new bureaucratic hurdles.

By abolishing federal estate and state inheritance taxes, he aims to end double taxation, reduce uncertainty, and safeguard the family enterprises that form the backbone of Oregon’s economy. In an era of polarized politics, McAlmond positions these reforms as pragmatic steps that transcend partisanship: they reward those who have contributed to the system, protect vulnerable fixed-income households, and preserve the American Dream of building and passing on a legacy.

As Oregon voters head toward the 2026 election, McAlmond’s platform offers a clear contrast—prioritizing results over rhetoric. His proposals demonstrate a commitment to seniors who built the state, families who sustain it, and the principles of fairness and simplicity that should guide federal and state policy.

Whether one agrees with every detail, his emphasis on practical relief for those most affected by inflation and tax complexity underscores a candidate focused on delivering tangible improvements to Oregonians’ daily lives.