Is payroll tax deferment a blow to Social Security?
Maurie Backman takes issue with President Trump’s executive order on payroll tax deferment. As she notes, the deferment is not so much a problem, as the taxes will be collected, just later in the year. She states, “The problem, however, is that President Trump is looking to forgive those payroll taxes completely if he’s reelected into office. And that’s where Social Security could run into serious trouble.” Indeed, payroll taxes are the primary income source for the program. The president has said general revenues would be used instead, though Backman seems unconvinced. Read Backman’s full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
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