“Repealing the payroll tax as proposed by President Donald Trump without putting in place a new source of funding for Social Security would mean disability payments would end in mid-2021 and payments to the elderly would stop in 2023, according to the program’s chief actuary.”
Why is the payroll tax being included in the social security tax. Two separate taxes which should never touch each other. Wasn’t that the reason for the “lock box?”
Why is the payroll tax being included in the social security tax
Because the payroll tax (otherwise known as the FICA) tax IS the Social Security tax. It’s the payroll tax - 7.5 percent taken out of every dollar you earn and an equal amount paid by your employer - that funds Social Security and Medicare.
See: https://www.investopedia.com/terms/f/fica.asp
Maybe you’re confusing the payroll tax with the income tax, something that not all workers pay and that isn’t earmarked for social security