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 ...
“ those that aren’t lucky enough to be on UI ”
‘Those’ need to take a look at what’s available. Seriously. Most qualify under PUA.
Social security will last. It has no real assets. It survives because there’s political will to continue it. With the increasing size of the elderly vote and so many of their children being unwilling to assist them in their Olde age, this support is likely to continue. I don’t think any sociable insecurity dependent recipients have much cause for worry. Funds will be appropriated as necessary to keep their cheques coming.
You sound like a Democrat fool. Trump just put people’s money in their own hands during an economic crisis. He did nothing to cut social security for anyone. Yeah Biden should run ads denouncing a payroll tax cut. That would be brilliant. Not.
The democrats were negotiating to make the exact same cuts, they just wanted to spend even MORE to bail out their cities and states. Biden is just making the best bs argument he can against something everyone will benefit from.
Complicated message when bodies are being stacked like cord wood from Covid-19
/S
“ He did nothing to cut social security for anyone.”
He just cut the tax that funds Social Security.
” He just cut the tax that funds Social Security. “
You’re just happy to lie.
Cut you lots of slack. Sorry you haven’t been spared from looking things up for yourself. But it’s available.
But you’ve shown an unacceptable desire- a queer desire.
“ payroll taxes fund Social Security and Medicare programs. It’s not clear where the money would come from if payroll tax deferrals were made into permanent cuts.”
- Forbes Magazine, today
LOL!
Would like to take you seriously but that’s silliness.
Payroll taxes go into the general fund and are spent on anything Congress desires.
Congress does give the SS fund an IOU.
I’ll give you a link tomorrow since no one else will (much to my surprise).
Frankly., you may appear a troll to many.
And they will still be getting their checks
No wonder the Nigerian scam artists are so successful in duping seniors out of their life savings.
Social security’s actuarial status - the amount that recipients receive in benefits - is calculated by referencing how much money is raised by the FICA payroll tax. For some reason , Trump - in an election year - is acting to lower the amount of that revenue, and calling for making the reductions permanent if he is re-elected. A lot of the seniors who supported him will be unnerved by this, because Unless the funding system is altered by Congress, the FICA tax cut will affect the calcuLatino of the benefits people get - it will lower them.
More from Forbes today:
Tax Holiday
“The payroll tax refers to FICA, which stands for the Federal Insurance Contributions Act, and it has two parts – Social Security and Medicare. Payroll tax is deducted from your paycheck to cover those two social programs.
“For Social Security, you pay 6.2% of your earnings up to what is known as the Social Security wage base. The Social Security wage base is $137,700 for 2020. If you earned $100,000 in 2020, you would pay $6,200 into Social Security.
“For Medicare, you pay 1.45% of your earnings but there is no limit. If you earned $100,000 in 2020, you would pay $1,450 into Medicare.
“A payroll tax cut would mean you keep this money in your paycheck, if you get one. ...
“He would later state that if he was re-elected, he’d “terminate” those taxes. In the past, President Trump has promised to not cut Social Security, Medicare, and Medicaid but this statement seems to indicate that his stance has changed on these social safety net programs.
All very dishonest.
The SS trust fund is 100% filled with IOUs from Congress.
Seriously: 100%. And the Congress will give any IOUs it needs in the future.’
Honestly, I’ll give you links that explain this though it’s of no interest to me anymore. Because you say you know people that don’t understand. I do want those people to have honest info.
You’ve swallowed the Koch Bros propaganda
Those “IOUs” are government bonds, just like the govt bonds in your IRA or 401k. You would never call the bonds in your own accounts, “worthless IOUs”. But that’s the rhetoric that the Koch brothers came up with to propagandize people against Social Security
In any case, Social Security payouts are calculated by the actuaries at levels tilled to the proceeds from the FICA tax. Wherever those proceeds end up, the amount of those proceeds is what determines how much can be paid to recipients. Trump foolishly is launching election season by reducing the amount of FICA proceeds - without specifying any alternative funding source. You may laugh at my concerns, but this is setting him up for problems with senior voters who rely on Social Security and who will now be subjected to ads about how he’s messing with its funding sources.
LOL!
Whatever.
I’ll give you some links (since no one else will!).
You can make whatever arguments you want then.
unfortunately, there’s nothing to “lol” about Trump opening the Social Security can of worms right before the election, and causing Social Security recipients - many of whom voted for him - to worry how he intends to fund the program if he gets rid of the FICA tax.
The fact you can’t easily produce these “links” to back up whatever point you’re trying to make, shows that explaining away Trumps action, and reassuring seniors, will not be that easy. He made a blunder with this payroll tax move. The rest of today’s EOs were great, helping him and the GOP. But not this one. Cutting the FICA tax that is earmarked for Social Security simply gave the Dems a big juicy talking point, unfortunately and unnecessarily. A major unforced error
Or I just don’t feel like seeking out links that are readily available to you, if you cared. to look- or had ever paid attention here.
Frankly, I am surprised no one cares to give you such links.
What have you done to be treated that way?
Anyway, I’ll do what I said.
Tomorrow.
But if you are trolling, jerking me around to do work you’ll just ignore, I’ll remember...
All of his executive orders today put Democrats on the defensive - except the payroll tax cut.
—
By your logic it would be good to raise payroll taxes.
I’m simply pointing out that Trump is cutting the funding source for Social Security - right before an election. He’s endangering his standing with senior voters, who were one of his strongest blocs four years ago. Totally unnecessary and possibly crippling to his re-election.
Background on the payroll tax he’s (temporarily) cutting - and vowing to eliminate if he’s re-elected:
https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm
How is Social Security financed?
Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $137,700 (in 2020), while the self-employed pay 12.4 percent.
In 2019, $944.5 billion (89 percent) of total Old-Age and Survivors Insurance and Disability Insurance income came from payroll taxes. The remainder was provided by interest earnings $80.8 billion (7.6 percent) and revenue from taxation of OASDI benefits $36.5 billion (3.4 percent).
The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount. This amount, called the earnings base, rises as average wages increase.
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