Trump's payroll tax holiday could make Social Security's finances worse. [View all]
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
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