payroll tax cut

DISABILITY AND SOCIAL SECURITY PAYMENTS TO END IN 2021 AND 2023 DUE TO TRUMP PAYROLL TAX CUTS, AGENCY’S CHIEF ACTUARY WARNS

It’s bad enough that seniors and people with disabilities are bearing the brunt of the COVID-19 pandemic. Using it as a subterfuge to undermine their financial security is unconscionable and unacceptable.” -- National Education Action

By Miriam Raftery

August 29, 2020 (Washington D.C.) – Disability payments will end next year and Social Security payments to the elderly will stop in 2023 under President Trump’s executive order to cut payroll taxes, which took effect Friday, unless alternative funding is provided, Market Watch reports. That dire warning was issued August 24 by the program’s Chief Actuary, Stephen Goss, in a letter to key Senators.

Effective Aug. 28, Trump’s executive order temporarily suspends the 6.2% payroll tax collections from employers for employees under $104,000, which is used to fund Social Security and disability payments. (Employers until now have matched a 6.2% deduction paid by workers.)

Trump wants to make that permanent if reelected. On Aug. 8, Trump stated, “If I’m victorious on Nov. 3, I plan to forgive these taxes and make permanent cuts to the payroll tax.” He made clear, “In other words, I’ll extend it beyond the end of the year and terminate the tax.”


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ECM WORLD WATCH: GLOBAL AND NATIONAL NEWS

 
 
February 16, 2012 --  (San Diego’s East County) – ECM World Watch helps you be an informed citizen about important issues globally and nationally. As part of our commitment to reflecting all voices and views, we include links to a wide variety of news sources representing a broad spectrum of political, religious, and social views. Top world and U.S. headlines include:    
 
WORLD 
 
  • Israelis: Iran behind Bangkok bombings: coordinated attacks around the world (CNN)
  • Israel warns US Jews: Iran could attack here (ABC)
  • Heightened security in U.S. over Iran threat (ABC) 
 U.S. 
  • Congressional negotiators reach tentative deal on payroll tax, unemployment benefits (Washington Post)
  • Lobbyists sue Obama administration after being booted from boards (The Hill)
  • Obama signs $63B FAA funding bill into law (The Hill)
  • U.S. seeks to mine social media to predict future (UT San Diego)
 
Health   
  • Alzheimer’s brain plaque ‘rapidly cleared’ in mice (BBC)
  • How your cat is making you crazy (Atlantic)
 
Scroll down for excerpts and links to full stories. 

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Local news in the public interest is more important now than ever, during the COVID-19 crisis. Our reporters, as essential workers, are dedicated to keeping you informed, even though we’ve had to cancel fundraising events. Please give the gift of community journalism by donating at https://www.eastcountymedia.org/donate.

CONGRESS AVERTS GOVERNMENT SHUT-DOWN, BUT BATTLE LOOMS OVER PAYROLL TAX CUT, UNEMPLOYMENT, AND OTHER KEY ISSUES

 

By Miriam Raftery

December 16, 2011 (Washington D.C.) – Final votes are expected today in both houses on a compromise funding measure to avoid a government shut-down--just in time for the holiday adjounrment. 


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Local news in the public interest is more important now than ever, during the COVID-19 crisis. Our reporters, as essential workers, are dedicated to keeping you informed, even though we’ve had to cancel fundraising events. Please give the gift of community journalism by donating at https://www.eastcountymedia.org/donate.