Ending Payroll Tax Endangers Social Security’s Finances
Sean Williams of The Motley Fool minces no words by saying President Trump’s suggestion to end the payroll tax would kill Social Security. He does acknowledge that only Congress could do that, and it’s a foregone conclusion they never would do that. Williams points out that the payroll tax is the primary source of income to pay retiree benefits, a system designed to last in perpetuity. The Social Security Trust Fund also earns interest income and revenue from income taxes paid by upper income retirees. While the president has said general revenues would supplant payroll tax income, Williams is unconvinced of the soundness of the suggestion. Read his full analysis here.