Donald Trump is putting Social Security at dire risk of collapse. A new analysis shows that his vow to slash the payroll tax in a second term would bankrupt Social Security by 2023.1
Trump already took the first step earlier this month with an executive order that would delay payroll taxes. He also vowed to make huge payroll tax cuts in a second term.2 Trump is making it very, very clear he is out to destroy Social Security unless we stop him.
Across party lines, Americans say they are willing to pay into Social Security because they know they will reap the benefits in retirement.3 Congress needs to take immediate action now to stop Trump from destroying Social Security.
Sign the petition: Don’t let Trump cut Social Security!
In a flurry of executive orders that Trump signed earlier this month, he announced a deferral to payments into Social Security. Even though Trump's order only cuts funding for Social Security, Trump has also vowed to make permanent cuts to the payroll tax, which would defund Social Security and Medicare as well.4
Trump's appalling power grab benefits the wealthiest Americans the most, and doesn’t help many of the people who have been hit hardest by the pandemic: the unemployed.
Trump is pretending to help working people while actually "stealing from their retirement to make up for the administration’s failure to contain the virus," as Rep. John B. Larson said.5 The payroll tax funds Social Security and Medicare, and Trump's planned cuts to it would undermine these essential programs.
While the executive order only enacts a temporary deferral to payments into Social Security, Trump said after signing it that he wants to deliver a huge blow to that program and Medicare as well by permanently ending the payroll tax. Trump’s intentions are clear: he wants to destroy Social Security and Medicare unless we stop him.
Congress needs to act now to protect Social Security and Medicare from Trump's reckless executive actions.
Tell Congress: don’t let Trump destroy Social Security and Medicare!
Sources:
1. CNBC, "A permanent payroll tax cut could deplete Social Security trust funds by 2023," August 25, 2020.
2. Washington Post, "Trump promises permanent payroll tax cut if re-elected," August 8, 2020.
3. National Academy of Social Insurance, "Public Opinions on Social Security."
4. CNBC, "These are the taxpayers who benefit most from Trump’s call for a payroll tax holiday," July 22, 2020.
5. Rep. John Larson, "Larson Opposes Trump's Move to Defund Social Security," August 10, 2020.