“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.”