With the last of the summer recess for Congress, and the Democratic and Republican conventions taking place, not a lot has happened, legislatively speaking.
But for those of us who are retired, or hoping to retire (soon), President Trump’s recent statements about eliminating Social Security’s current dedicated funding is cause for concern. On August 8, 2020, President Trump said that he intended to “terminate the tax,” referring to Social Security and Medicare payroll taxes. It’s a step that would, if taken in isolation, remove nearly 90% of funding for Social Security benefits, and thus likely pose a threat to the continued existence of those programs.
Because of coronavirus, the President had first wanted to defer the payroll taxes being taken out of workers’ paychecks, but he stated that, if elected, he would permanently cut the taxes by the end of the year. A week later, President Trump finally suggested an alternate source, the general fund of government revenues, per Fox Business.
These sweeping statements come at a time when Americans 50+ are already on edge about their financial and retirement security. We cannot cut Social Security funding without a strong plan in place, otherwise we endanger the benefits that Americans have paid into their whole lives.
We need to take action by writing or calling the President, asking him to explain his statements and let us know, exactly how this would work. Copy the link below into a new browser window and email President Trump today. Ask him to explain his recent statements about eliminating Social Security’s current dedicated funding.