According to Politico, Donald Trump wants to include a payroll tax cut in the new COVID-19 stimulus package, potentially endangering social security.
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According to Politico, Donald Trump wants to include a payroll tax cut in the new COVID-19 stimulus package, potentially endangering social security.The Politico article claims that President Trump has signaled to the Senate Republicans that he will refuse to sign the new coronavirus stimulus package if it doesn't include a payroll tax cut. The article adds that Senate Republicans and House Democrats have so far resoundingly rejected the idea. According to a Reuters article, Senior Fellow at the Tax Policy Center, Howard Gleckman, states that a payroll tax cut would blow a trillion-dollar hole in the trust funds that support the Social Security benefits for retirees and helps fund the Medicare healthcare program for Americans over the age of 65. Additionally, an article by Social Security Works states that payroll taxes are a dedicated revenue for the Social Security program. Furthermore, it adds that any cuts to payroll taxes would serve to defund Social Security by starving it of its most dedicated source of revenue.
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