Trump Pledges to Permanently Cut Taxes That Fund Social Security and Medicare
In one of his most controversial moves yet, President Trump said if he wins reelection in November, he will implement a permanent cut to the payroll taxes which fund Social Security and Medicare - cuts which experts call a very serious threat for the future of two our country’s main safety nets.
Gee whiz, cutting off the taxes that fund Social Security and Medicare? You can bet that likely has poor FDR rolling over in his grave! Which is kind of a shame, because I suspect at this point, most Americans would much prefer that it was Donald Trump doing the all rolling.
Anyway, I guess what his grand scheme boils down to is this - if the virus doesn’t finally kill off all the elderly, the frail, and the infirmed, then massive funding cuts to their healthcare and Social Security - sure ought to finish off the job.
Meanwhile, even conservative economists are cautioning Republican leaders, that this new attack on the elderly is so blatantly obvious, there’s a possibility even a Trump supporter might be smart enough to figure it out.
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Feel free to reply to any comment by clicking the "Reply" button.Yes, he will make it so we have more money but allowing us to not pay federal taxes and Social Security. Then to balance the budget he will do away with Social Security, Medicare, all programs to help people and raise taxes, or allow the country to get further into debt. He does not care about the funding of anything after the election as long as he can say he is doing what he can to help the people. Now legally all spending bills have to come from the House, they have the purse strings. The Senate would have to approve this and then the President can approve or disapprove. Since he is not legally doing this the House will probably sue him because it is illegal. He will then be able to say the Democrats, who control the House, have acted against the people. It is all a ploy to buy the election.
dalefvictor
Level 8
Aug 9, 2020
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You're right, it's an attempt to buy the lower and middle classes for whom the pay roll tax is a burden. It's a heavy burden for low earners. That is why I believe the payroll tax should be more progressive with a lower tax for low earners and higher for those making more than 100,000 dollars. It's a clever move on his part, must have come from one of the more intelligent of his cronies.
@Theresa_N Not only should the payroll tax be raised more progressively for those at the higher levels, we should also remove the earnings cap for the top earners, since right now they are not taxed for SS for income over the cap level. Simply doing that would solve all the current funding problems with SS. But of course, the rich and their puppets in Congress would not stand for that...
Yes, I know about the cap, mentioned it in another post. The cap must be removed.
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