October 21, 2020 08:07 PM RSS

Trump’s Payroll Tax Cut: Bankrupts Social Security by 2023

  • Wall Street Rebel | James DiGeorgia
  • 08/25/2020 3:30 PM
Trump’s Payroll Tax Cut: Bankrupts Social Security by 2023

Ever since Social Security was under President Franklin Delano Roosevelt, the Republican Party has been out to kill it. Trump’s recent executive order on payroll taxes amounts to a genuine plot, not a conspiracy to kill the immensely popular retirement safety net.

 


                                      Trump Kills: Seniors Aren't Safe in Trump's America

 

Stephen Goss, the chief actuary of Social Security, sent a letter to four U.S. Senators today warning them that President Donald Trump’s executive order to eliminate payroll taxes would severely financially drain the Social Security trust fund. In just three years, the program would be bankrupted. In his letter, Gross wrote…

“If this hypothetical legislation were enacted, with no alternative source of revenue to replace the elimination of payroll taxes on earned income paid on January 1, 2021, and thereafter, we estimate that DI Trust Fund asset reserves would become permanently depleted in about the middle of the calendar year 2021, with no ability to pay DI benefits thereafter.”

“We estimate that OASI Trust Fund reserves would become permanently depleted by the middle of the calendar year 2023, with no ability to pay OASI benefits thereafter.”

Stephen Gross’s letter came in response to questions posed about the viability of Trump’s plan and its impact on Social Security by Sens. Chris Van Hollen (D-MD), Chuck Schumer (D-NY), Ron Wyden (D-OR), and Bernie Sanders (I-VT).

In response to a congressional standoff over coronavirus stimulus, that has been caused by Trump’s unwillingness to ….

 

#1: Help states cover their tax revenue shortfalls caused by the coronavirus pandemic.  

#2: Democrats refuse to give businesses blanket immunity against work-related infections of the coronavirus.

 

Trump decided to deceive the American people by signing four executive actions, one of which temporarily defers payroll taxes that are used to fund Social Security.

 

The president has also proposed eliminating this tax altogether if re-elected and has refused to answer repeated questions by the news media on how he plans to replace the lost revenue, leaving the impression that he intends to carry through on the 85+ year effort by Republicans to kill the Social Security program.

 

Trump has been dead set on killing Social Security since becoming President. Below are two videos one two years ago and the other back in January of this year where he comes right out and admits he intends to cut entitlement programs, code for Medicaid, Medicare, and Social Security.

 

 

                       Trump WILL Cut Social Security, Medicare, And Medicaid

                       Trump to cut Social Security and Medicare

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