President Trump has suspended the payroll tax. If re-elected, he intends to make the suspension permanent. The payroll tax funds Social Security and Medicare Part A benefits. Social Security’s actuary has advised that, if the payroll tax is suspended and alternate funding not found, disability benefits will have to end in 2021 and retirement and survivor’s benefits will end in 2023.
Trump proposes to fund the programs with general tax revenue. Really? The Social Security program alone currently pays benefits totaling over $1.1 trillion a year. Who seriously believes general revenue can be raised by such an amount?
Why does Trump plan to suspend the payroll tax? It would save his businesses millions of dollars per year with the end of the employer match.
Joe Biden has proposed raising the payroll tax cap to address long term program funding issues. Trump’s proposal would end Social Security and Medicare. The difference is clear.
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