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Alliance for Retired Americans Friday Alert
This Tuesday, the Senate voted to end debate on a two-year budget deal and put it up for final passage. On Wednesday, the deal passed the Senate in a 64-36 vote. The bill sets spending levels for 2014 and 2015 and reduces sequester spending cuts by $63 billion over the next two years. The agreement heeds our calls against cuts to our Social Security, Medicare and Medicaid; however, it missed a key opportunity to close tax loopholes that corporations and wealthy individuals use to escape paying their fair share of taxes..
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IN REGARD TO THE DEBATE WITH TRUMP AND BIDEN WHERE DID YOU GET THE S.S. ISSUE WAS MENTIONED MAYBE I HEARD A DIFFERENT DEBATE THE PAY ROLL TAX IS IRS NOT S.S. MAYBE THE NATION SHOULD WAKE UP AND QUIT DEFENDING THE BIDENS AND THE SWAMP IN WASH. QUIT LYING TO THE PEOPLE AS THE DEMOCRATES HAVE FOR 4 YRS I USED TO BE A DEM NO MORE FOR MORE THAN 8 YRS OBAMA AND BIDEN AND THE CLINTONS HAVE DONE DAMAGE TO THE COUNTRY TO MANY YRS
Barbara:
Thank you for your comments. Please note, however, that the article you refer to via your comment is an old (2013 vintage) article, and was focused on budget circumstances going into 2014. That aside, though, you mention the payroll tax issue and its relationship to the IRS vs. Social Security. While President Trump’s stance on deferring Social Security does refer to taxes withheld from payrolls and held by the IRS for a period of time, these funds are subsequently forwarded to Social Security where they serve as the primary funding for eventual Social Security benefits payments. As you probably know, the president has advocated a short-term move to defer until next year the employee portion of payroll taxes during the last four months of the year, along with a promise to pursue forgiving the deferred taxes completely if re-elected. Coincidentally, he has expressed interest in exploring the elimination of the payroll tax permanently and replacing this Social Security funding source with general tax revenue. He has not yet, however, defined how those funds would be generated.
Again, thank you for your comments and for your interest in AMAC Foundation. I hope the above explanation clarifies your question about the payroll tax issue.
Gerry Hafer
AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
Good information to share with my Greater Columbia Central labor Council. I am working with. SC Alliance of Retired Americans and like to have information to report at the meetings.
Yes I personally think that the gov’t shouldn’t be able to touch our SSDisability, we paid into SSTax every check that every American makes., Yet they give out cash assistance and food stamps to a immigrant families that 8 live in 1 house
. They didn’t work to get enough Hrs it takes to to get your ssecurity it only takes an American to know that. God bless the United States.