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.”