Payroll Tax Cut

As Congress considers coronavirus pandemic legislation, President Trump has proposed that Social Security and Medicare payroll taxes be cut or eliminated. Since this tax is used exclusively to fund Social Security and Medicare, its elimination would be tantamount either to ending these two vitally important programs or converting them into welfare programs where retirees’ benefits would be subject to the whims of Congress and the vagaries of the legislative process.

Letter Opposing President Trump’s Payroll Tax Cut

While we agree that providing tax relief to middle class Americans is an important consideration as we respond to the many possible economic and social dislocations that may arise as a result of the coronavirus pandemic, we do not believe that cutting, eliminating or deferring the Social Security payroll tax is an appropriate way to accomplish this goal.