Trump weighs permanent payroll tax deferral, says it won't impact Social Security

[libertybele]

???I question this. How can it not impact SS?  SS is already in trouble and with no payroll tax monies going into it, how would it be funded and sustained?

Trump weighs permanent payroll tax deferral, says it won't impact Social Security

President Trump suggested his decision to defer payroll taxes for some Americans via executive order could become permanent, saying it will have "no impact" on Social Security benefits.

"This will have zero impact on Social Security," Trump told reporters on Sunday before boarding Marine One. "We protect Social Security."

In an attempt to bypass a deadlocked Congress, on Saturday Trump signed four executive actions -- including one that postpones the collection of payroll taxes from Sept. 1 through Dec. 31 for individuals earning less than $104,000 annually, or less than $2,000 per week..............

............"We just heard it straight from Trump's own mouth," Social Security Works wrote in a tweet. "If reelected, he will destroy Social Security."

The order is technically a deferral of payroll taxes — not a suspension — meaning that the taxes will eventually be due at a later date. However, Trump has pledged to pursue a permanent cut to the taxes.

“If I’m victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax. I’m going to make them all permanent," Trump said during a Saturday news conference. “In other words, I’ll extend beyond the end of the year and terminate the tax.”

At the end of April, the government projected Social Security, one of the biggest federal benefit programs, would be unable to pay full benefits starting in 2035. At that point, only 76 percent of benefits could be paid out. But that was before officials accounted for the virus outbreak, which they agree will deal a substantial blow to the program.

When factoring in the crisis, the Bipartisan Policy Institute estimated that the depletion date would jump from 2035 to 2029...........

https://www.foxnews.com/politics/trump-defends-payroll-tax-deferral-wont-impact-social-security