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Suspending the Social Security payroll tax will not solve the problem
In a MarketWatch opinion piece by Alicia H. Munnell, director of the Center for Retirement Research at Boston College, she discusses why the president’s proposal for a Social Security payroll tax cut is not the appropriate response to the COVID-19 crisis. She states the proposed suspension is far more ambitious than the relief provided in 2011 (then extended through 2012), when the law provided that the Treasury reimburse the trust fund from general revenues. The currently proposed cut, she noted, would involve a massive loss of revenues close to $1.2 trillion based on the Congressional Budget Office reports of payroll taxes in 2019. Read her opinion piece here…
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