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.