A Possible Back Story on President Trump’s Payroll Tax Ideas

President Trump’s August executive order for a deferment of payroll taxes has, of course, attracted considerable attention, as has his remarks on potential elimination of the tax altogether. In fact, the results of one study–by progressive think tank Data for Progress and advocacy organization Social Security Works–indicated that a substantial majority of respondents preferred that the payroll tax be neither deferred nor eliminated.

The President’s intent with the payroll tax suggestions was to help stimulate the economy in the short term by putting more cash in the hands of workers, and in the long term to be a step toward Social Security reform. Advocating the use of general tax revenue to offset the loss of revenue to Social Security was hinted at as an avenue to protection of Social Security, and would require substantial traction in Congress to be achievable.

In a post on cnbc.com, Personal Finance Reporter Lorie Konish examines the role that the President’s payroll tax plan plays in the future of Social Security, noting that regardless of what happens on the issue, it opens the door for serious discussion on Social Security reform in the next administration. Quoting the Bipartisan Policy Center’s Shai Akabas, Ms. Konish adds, “It’s a possibility that both parties realize that this is coming and this is as good a time to resolve it as any in the next administration.”

Read Ms. Konish’s post here…


Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers