Aides walk back Trump’s vow to “permanently” cut Social Security tax if he’s re-elected – By Igor Derysh (Salon) / Aug 10 2020
Trump said workers would not have to pay back payroll taxes if he wins. The move could cripple Social Security
President Donald Trump vowed that workers would not have to pay back payroll taxes if he is re-elected, prompting advisers to downplay his comments amid concerns that such a move could defund Social Security and Medicare.
Trump signed multiple executive orders over the weekend in an attempt to bypass stalled congressional negotiations over the next round of coronavirus relief, though the orders fall well short of the proposed legislation. Their legality have also been called into question.
One of the orders targets the payroll tax, the 12.4% tax split evenly between employers and employees which funds the Social Security and Medicare trust funds. The order would allow workers to defer their payroll tax payments through the end of the year, but those taxes would still need to be paid back by April 15.
Trump responded to skepticism about the impact of the move by telling voters that he would make make the cut “permanent” — but only if he’s re-elected.
Continue to article: https://www.salon.com/2020/08/10/aides-walk-back-trumps-vow-to-permanently-cut-social-security-tax-if-hes-re-elected/
