The Hill: Trump payroll plan would deplete Social Security by 2023: Administrator

The Hill, August 25, 2020: Trump payroll plan would deplete Social Security by 2023: Administrator

President Trump‘s proposal to eliminate payroll taxes would deplete the Social Security retirement trust fund by 2023, and its disability insurance fund by the middle of next year, according to the Social Security Administration.

Absent other sources of revenue, the programs would stop paying out benefits when the funds were depleted.

In early August, President Trump signed an executive order permitting companies to stop withholding payroll taxes from their employee paychecks, a gambit to increase take-home pay.

But Trump also went a step further, promising that he would cancel the tax altogether if he were to be reelected in November, a move that has little support from either party on Capitol Hill and is unlikely to advance. Federal payroll taxes fund Social Security.

Print Friendly, PDF & Email

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

Complete the form to download the full report: