Does the Pandemic Make Higher Payroll Taxes Inevitable?
In this Yahoo! Finance article by Ben Werschkul, the author opines that the economic hit caused by the coronavirus pandemic makes it inevitable that payroll taxes for Social Security and Medicare will need to be raised. Quoting a policy analyst at the Centers on Budget and Policy Priorities as well as two other studies, the article postulates that the pandemic will cause the Trust Funds for both Social Security and Medicare to be depleted even earlier than projected in the recent SS Trustees Report, forcing Congress to focus on resolving the financing issues sooner, with higher payroll taxes an obvious necessity.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee, which would restore Social Security to solvency. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.
Click here to read the Yahoo! Finance article by Ben Werschku.
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