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.
17 Posts on this thread. Thou doth protest too much.