Calming the Panic Over the Payroll Tax Suspension
Just about everyone who follows Social Security issues these days is well aware of the attention focused on President Trump’s recent executive order calling for a temporary suspension of FICA taxes, the primary funding mechanism for the program’s benefit payouts. President Trump also excited folks with comments that, if re-elected in November, he would seek to abolish the tax permanently. The Motley Fool’s Maurie Backman, in a post on tucson.com, provides context for the presidential order, explaining that the worst-case scenario here is the temporary loss of four months of revenue, hardly a program-ending move.Ms. Backman also comments on the longer-term solvency problem facing Social Security, and recaps a series of potential steps that could be taken to ward off benefit cuts. Read her post here…
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