Trump issues an executive order of some sort to defer payroll taxes for those earning less than $2000 a week. He follows up by saying if re-elected. he plans to not only forgive those taxes, he wants to completely eliminate the payroll tax.
For those living on another planet, the payroll tax is what funds the Social Security Trust Fund. Terminating it is, by definition, defunding Social Security. Yes, he says we'll just fund it with general revenues. He hinted there will be enough money because of tremendous economic growth, or something like that.
Remember Trump had promised to reduce the deficit and end it over 8 years. Instead, deficits swelled to 666 billion in 2017, 779 billion in 2018, and $984 billion last year. That was in what Trump's supporters are calling the best economy ever. This year the deficit was projected to be 1.2 trillion before covid-19. Now estimates are approaching 4 trillion. So, realistically, without a payroll tax, we would need to borrow even more money.
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