In his August 12 late afternoon press conference, President Trump reaffirmed his commitment to the continuation and protection of Social Security and Medicare, completely contrary to both the Biden campaign and media commentary that President Trump was going to end Social Security and Medicare. The President spoke of his concern for, and desire to eliminate, the significant financial impact of the payroll tax upon low and middle income of employees paychecks and on employers, who pay an equal amount for each employee. Upon his re-election, the President intends to eliminate the payroll tax and replace its funding from the General Fund of the U.S. Treasury.
In the President’s words:
“… when I win the election, I’m going to completely and totally forgive all deferred payroll taxes without in any way, shape, or form hurting Social Security. That money is going to come from the General Fund. We’re not going to touch Social Security. I said from day one that we’re going to protect Social Security, and we’re going to protect our people. And Social Security is one of the things that will be protected. Pre-existing conditions will be protected. Medicare will be protected.” …
“… Social Security will be totally protected under me.”
“… And the payroll tax — we’ll be terminating the payroll tax after I, hopefully, get elected. We’ll be terminating the payroll tax, so that will mean anywhere from $5,000 to even more per family, and also great for businesses and great for jobs.”
So many Democratic friends have posted about this lie. They said he said, it was an entitlement. We know the truth. This is something that the Democrats would probably do, regarding borrowing from SS again as in the past. Frightening times.
I think contributions to the SS Trust by employees and employers is basically these are the only sources of true income. If employers no longer fund the SS Trust and it comes from the “general fund” won’t this fundamentally mean some other tax will have to compensate?? Or, am I missing something?
we need s.s. protected. Its our money not the poloticians
I have no issue whatsoever with the idea of deleting the payroll tax. However taking SS funds from the General Fund is much too risky, too easily tampered/endangered with in future legislation not to mention if there is any attempt to pay off the monumental debt. Using a 1-2%(?) federal sales tax on all purchases with exception of required medical devices, etc. that is designated entirely (non-discretionary) for SS funding would benefit all recipients, SSI, SSD and general SS beneficiaries. This would then be funded by the individuals who love to spend(or waste) their (hard) earned income. No one, especially politicians, would be permitted to exempt themselves from this tax with the possible exception of those with minimal or below poverty level income.
If I understand , payroll tax will be taken from General Fund. How does this work when debt is +23 trillion. After 85-years, why do you want to change the way it has been since 1935. Social Security is drop in ocean to Trump but main income to many Americans. Rethink this whole think before it is too late.