Posted on 08/08/2020 10:00:00 PM PDT by rintintin
Former Vice President Joe Biden on Saturday called President Trump's executive order to cut payroll taxes "a reckless war on Social Security."
One of the several orders Trump signed from his private club in Bedminster, N.J., Saturday afternoon directs the Treasury Department to allow employers to defer payment of employee-side Social Security payroll taxes through the end of the year for Americans making less than roughly $100,000 annually.
Trump also said that he intends to forgive the deferred payroll taxes and make permanent payroll tax cuts if he is reelected in November.
In an emailed statement addressing the president's order, Biden said that such a move would "undermine the entire financial footing of Social Security."
The presumptive Democratic nominee said that unlike the 2012 payroll tax plan put forth by the Obama administration, Trump's executive order does not appear to include "protections or guarantees that the Social Security Trust Fund will be made whole."
"He is laying out his roadmap to cutting Social Security," Biden said. "Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt."
(Excerpt) Read more at msn.com ...
Of course. Just like you are afraid to tell us when you stopped beating your spouse.
Difference is, I don’t and never did commit spousal abuse. But you pretty clearly want Social Security gone. A party that ran on that platform - the would be as popular as a spouse-abuser. So unless you want the GOP to go the way of the whigs, you should stop posting against Social Security and trying to push the party in that suicidal direction.
Where did you get the idea I was against Social Security?
Been working 45+ years... End S.S. now, or raise the age to the same it was when enacted - that age was the life expectancy at the time - today’s life expectancy is ~ 78 years old. All folks can draw at 78...
OK, so you take another $1.2 trillion out of the general fund. Before this whole Covid stuff hit we were already projected to have a $1 trillion dollar deficit for 2020. Eliminate the FICA and Medicare tax and your deficit is $2.2 trillion and climbing. Your suggestion on how to deal with that?
And even if it does go into the general fund, it is listed as taxes meant to fund Social Security and Medicare. Eliminate them and what do you tell retirees to explain it really isn't a cut in Social Security? How would you explain it?
When do the checks stop coming? When do the “reduced benefits” begin?
How do you explain that they won't stop coming when the revenue ends? Or that benefits won't be cut when Trump cuts the funding?
Raise the age to “the life expectancy”? You mean raise it until the age when people die? That’s essentially getting rid of it, because people would get it at the same time they’re making their funeral plans.
Does that mean you won’t accept Social Security until you are given a terminal diagnosis and told you have a few months to live? That would be taking it at the “age of your life expectancy”
Irrelevant to the question I posed.
Get around to answering my question honestly and I’ll consider responding.
If you had a coherent response you would have given it by now.
Despite your childish animosity...
I admit the technical (but not practical) issue of depriving the SS trust fund has not been addressed, so I can’t find links that directly address this specific issue.
Social Security is in such, technically, bad shape - what I intended to link to articles about-that I assume Trump is setting a trap for the Dems.
I’m afraid your friends are free to worry until the debate develops further.
The key is that SS and medicare benefits are not actually paid out from the payroll taxes but from general revenue.
Any direct relationship is illusory.
As long as the payments continue no one cares where the money comes from.
So killing the payroll tax doesn’t hurt anyone- as long as the payments continue to come from other revenue.
Will be an interesting debate, but I think the Dems will find it doesn’t go as they wish.
Any direct relationship is illusory.
You can spin it all you want but the fact is that FICA and Medicare taxes total close to $1.2 trillion per year and they are the only taxes specifically tied to those program. Saying you are going to end them leads immediately to claims by your opponent that you want to do away with both. Ending them also adds another $1.2 trillion to your deficit. What do you do about it?
As long as the payments continue no one cares where the money comes from.
So killing the payroll tax doesn’t hurt anyone- as long as the payments continue to come from other revenue.
Other than paying for them. How do yo do that?
Will be an interesting debate, but I think the Dems will find it doesn’t go as they wish.
You have already seen the beginnings of the attack from the media. The other day Trump was asked about paying for Social Security and he said it would come from the general fund. When asked how he was going to make up the loss in revenue he said "economic growth". Clear evidence that he hasn't a clue on how he is going to do it and evidence that the Democrats will be able to jump on this and the administration doesn't have a response.
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