Trump's payroll tax holiday could make Social Security's finances worse.

[Yo_Mama_Been_Loggin]

President Donald Trump's executive action deferring, and possibly forgiving, payroll taxes could leave Social Security and Medicare on even shakier ground.

The entitlement programs' finances have long been troubled. And the crush of coronavirus-induced layoffs has only deepened the problem by slashing the amount of payroll tax revenue going into their trust funds.

A big fan of payroll tax cuts, Trump signed an executive action Saturday deferring the employee portion of payroll taxes -- 6.2% for Social Security and 1.45% for Medicare -- for workers making less than $100,000 a year through the rest of 2020.

If he's reelected, Trump said, he plans to forgive the taxes and make permanent cuts to the payroll taxes.

"I'm going to make them all permanent," he said.

https://www.msn.com/en-us/news/us/coronavirus-has-already-dealt-a-blow-to-social-securitys-finances-trumps-payroll-tax-holiday-could-make-it-worse/ar-BB17HpQ5?li=BBnb7Kz

[SheltieLover]

1. Dems must challenge this!

🤬

[consider_this]

2. so wait...

can someone explain:

Does "make them all permanent' re payroll tax cut mean that no one pays back the cut that is planned to be made through end of year, or that no more payroll taxes going forward?

or is it even clear what he is uttering?

[VMA131Marine]

3. I don't see how what Trump is doing is legal but

if it is there are people getting screwed. A married couple making $60,000 each would seem to get a benefit of $9,180 but a married couple where one person works and makes $120,000 while the other stays home would get zero benefit. The only way this would be equitable is if it is on the first $100,000 of income. This is hard to do in practice because payroll taxes are taken out by the employer, who does not have visibility into what an employees spouse makes. Plus, if you make $99,999 you save $7,650 versus no reduction if you make $100,000. I’d take the one dollar pay cut.

[subterranean]

6. I'm pretty sure it's on the first $100K in income.

He didn't say whether that means individual income or household income.

[C_U_L8R]

4. Trump's deception.

It's a tax deferment not a tax cut. Everyone will owe more later.
This whole thing is a thin PR ploy.

[Rebl2]

5. How does

a payroll tax cut help the unemployed?

[Skittles]

7. it doesn't

he doesn't give a fuck about them, thinks they need to just get off the couch