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cmarshall

Danger to US Social Security

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Donald Trump:

 

"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference announcing executive actions on coronavirus relief.

 

https://www.msn.com/en-us/finance/taxes/trump-pledged-to-permanently-scrap-the-payroll-taxes-used-to-fund-social-security-and-medicare-if-he-wins-re-election/ar-BB17JRjG

 

Some scholars think Trump's current suspension of collecting the payroll tax, which is the primary source of all SS benefit payments, may be constitutional.  Under the presidential memorandum that he issued, the employee portion of the payroll tax (7.65% of wages up to $133,000/yr) would be suspended.  So, it would not be deducted from each paycheck, but the worker would have to pay it back when filing federal income tax for the year 2020.  Now he is talking about forgiving that arrearage permanently and cutting the payroll tax permanently.

 

That would be the end of the Social Security system.

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I think trump believes Covid will kill all the seniors, so who needs SocSec? (Also funds Medicaire.)

 

Seriously, I wouldn't worry about this yet.

 

It doesn't appear as though a president can do this permanently? Althought the clown car of mnuchin, kudlow and meadows seems confused on this topic.

 

No clue why trump has such tumescence for the FICA?

 

 

 

 

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20 minutes ago, cmarshall said:

That would be the end of the Social Security system.

Politically more like the end of the Republican party

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12 minutes ago, tonray said:

Politically more like the end of the Republican party

Which is why I believe it will never happen.

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Whether the Rs can get away with gutting SS or not depends on how successful they are at stealing the election.

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Trump is basically defunding social security and medicare with this move, as payroll tax funds these programs.  Not a very smart move in an election year. 

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Smoke screen for something already done?

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32 minutes ago, Berkshire said:

Trump is basically defunding social security and medicare with this move, as payroll tax funds these programs.  Not a very smart move in an election year. 

.....or, during a pandemic.

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