Posted 1 year ago on March 11, 2020, 11:21 a.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
On 3/10/20 Trump suggested a "Payroll Tax" break to help workers to pay for COVID-19 detection and treatment. Is undermining SS and our long term well being the way we want to deal with this temporary problem?
The Social Security Trust Fund depends on the "Payroll Tax." Borrowed and spent, the repayment must be voted by Congress each year. So, though we've paid in advance for our SS insurance, Congress and the president can refuse to pay by simply refusing to repay what they've borrowed. It shouldn't be a budget item. SS was set up with its own tax and trust fund so it would be independent and untouchable. But conservatives from all 3 parties have found the borrow and spend workaround.
So far, the cons haven't carried through on the threat to the retirement security of 90% of American employees. But they never miss an opportunity to take another shot as Social Security. Since employers match the employee contribution to the tax, the "business community" generally supports attempts to steal the trust fund permanently and so destroy Social Security.