News and Updates
President Trump’s repeated insistence on a payroll tax cut via his latest Executive Order, will not only undermine the funding streams for Social Security and Medicare, it creates a high-risk environment for programs that have been the target of fiscal conservatives for decades.
National Committee president and CEO, Max Richtman, recently appeared on Florida This Week (WEDU PBS) to discuss President Trump’s harmful payroll tax cuts.
With all the good the program does, policy makers should be devising plans to increase the money going into Social Security, not tampering with its revenue stream. Even if the Treasury makes a transfer from general revenues to cover lost payroll taxes, such a move is a big departure from secure financing by an earmarked tax and breaks the link between contributions and benefits.
President Trump’s proposed payroll tax cut the first step toward dismantling Social Security.
Congressional Republicans are signaling support for President Trump’s reckless payroll tax cut proposals that would undermine the funding streams for Social Security and Medicare. Payroll tax cuts are bad medicine for everyday Americans striving to stay financially afloat during the pandemic.
The latest news reports state that Donald Trump and Mike Pence want a complete reduction of the payroll tax to stimulate the economy.
Last week’s Social Security Trustees report tells us two fundamental things: that the program needs to be expanded and strengthened — and that our leaders should resist the temptation to tamper with Social Security’s finances to address the COVID pandemic.
Despite clear evidence that the idea makes no sense whatsoever in the context of the current economic crisis — and would be dead on arrival in the Democratic congressional caucus anyway — Trump keeps returning to it.
It’s crucial that the news media put President Trump’s harmful proposals for payroll tax cuts in perspective.