Is Trump going after Social Security and Medicare?
Aug 27, 2020 · President Trump vowed Thursday that he “will protect Medicare and Social Security” — a promise akin to one he made as a candidate in 2016. But throughout his first term, he repeatedly tried to cut...
Why should you care about Trump’s plan to eliminate social security?
Aug 09, 2020 · While hanging out with the forgotten upper class in the globalist hangout of Davos, Switzerland in January, Trump said he was open to cutting entitlements -- …
Is Trump defunding Social Security and Medicare with payroll tax defunds?
"He will protect Social Security and Medicare, as he has pledged to do many, many times," Kudlow insisted. "When he referred to permanent, I think …
What did Trump say about Biden’s Medicare plan?
Feb 11, 2020 · Feb. 11, 2020, 5:00 AM PST By Steve Benen "I'm not going to cut Social Security like every other Republican and I'm not going to cut Medicare or Medicaid," Donald Trump declared in 2015. "Every...
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Aug 10, 2020 · On Aug. 8, 2020, U.S. President Donald Trump said he intended to "terminate the tax," referring to Social Security and Medicare payroll taxes. It's …
How much did Trump's family charge the taxpayers?
Oh, and his family charged the taxpayers nearly $1 million to house Secret Service and other federal employees at Trump-owned properties. So, Democrats can point out, $600 is too much for you, but a million bucks is just fine for the Trump family.
How much is the Trump initiation fee?
Fittingly, Trump issued his order and memorandums at his Bedminster, New Jersey country club, where the initiation fee is reportedly $350,000 -- yet another proof-point that Trump's heart is really with the Forgotten Upper Class.
Does Trump want to suspend student loans?
Other dubious Trump executive memorandums seek to suspend collection of student loan debt, postpone evictions and extend unemployment benefits. The unemployment benefits order is especially galling, as it requires states to foot one-fourth of the bill; the same states he is refusing to aid as they stare at a revenue collapse that could compel them to cut schools, hospitals and other vital services.
Who warned that Trump's executive order would endanger seniors' Social Security and Medicare?
In a joint statement, Speaker of the House Nancy Pelosi , a California Democrat, and Senate Minority Leader Chuck Schumer, a New York Democrat, warned that Trump's executive order would "endanger seniors' Social Security and Medicare." Former Democratic presidential candidate Hillary Clinton echoed those concerns in a Sunday interview with MSNBC's AM Joy.
What did Pelosi and Schumer say about Trump's executive order?
In a joint statement, Speaker of the House Nancy Pelosi, a California Democrat, and Senate Minority Leader Chuck Schumer, a New York Democrat, warned that Trump's executive order would "endanger seniors' Social Security and Medicare.".
What did Democrats worry about the President's order?
Democrats quickly raised concerns that the president's order would defund programs millions of Americans rely on to survive.
Does Trump have the power to rewrite the payroll tax law?
"President Trump does not have the power to unilaterally rewrite the payroll tax law. Under the Constitution, that power belongs to the American people acting through their members of Congress," Sasse said.
Did Trump go after Medicare?
Trump "signaled that he's going after Social Security and Medicare. Basically, he was talking about ending the financial contributions we all make into Social Security and Medicare through the payroll tax," Clinton said.
Do Democrats support Medicare expansion?
To the contrary, many Democrats currently support expanding Social Security and Medicare. Addressing the concerns on CNN's State of the Union on Sunday, Trump's economic adviser Larry Kudlow said the president was not trying to defund the programs. "He will protect Social Security and Medicare, as he has pledged to do many, ...
Is payroll tax underfunded?
These systems, which have helped generations retire and live, are already underfunded. Cutting the payroll tax without replacing the funding is the same as getting rid of them.
What did Trump say about the payroll tax?
First, he said he planned to “forgive” the payroll taxes in question, meaning that rather than simply being delayed, the obligation to pay those four months’ worth of Social Security and Medicare taxes would be removed entirely.
When will Social Security taxes be eliminated?
On Aug. 8, 2020, U.S. President Donald Trump said he intended to "terminate the tax," referring to Social Security and Medicare payroll taxes. It's a step that would — if taken in isolation — remove nearly 90% of funding for Social Security benefits, and thus likely pose a threat to the continued existence of those programs.
How much does an employer pay for Social Security?
For Social Security, an employer and employee each pay the equivalent of 6.2% of the employee’s wages (12.4% in total), while for Medicare, the employer and employee each pay 1.45% (2.9% in total). Self-employed workers pay all 12.4% for Social Security and 2.9% for Medicare themselves. On Aug. 8, Trump announced his executive actions ...
When will the President extend the payroll tax deferral?
However, the president made additional remarks that were not contained in the memorandum itself, indicating that he intended to extend that deferral beyond Dec. 31, 2020; to waive any later obligation on employees to pay the deferred contributions; and even that he planned to eliminate payroll taxes entirely. The following is an edited transcript of the relevant section of his remarks. (A full transcript of his press conference is available here, and his remarks can be viewed in full below.)
Did Trump cancel Social Security?
Trump did not explicitly vow to terminate Social Security, as those headlines claimed, but one of several plans he mentioned in an Aug. 8 press conference involved eliminating payroll taxes — a move that would, as things stand, remove the overwhelming majority of funding for Social Security and likely pose a threat to its continued existence.
Did Trump end payroll taxes?
Although Trump articulated several plans for payroll taxes, it remains the case that he did at one point say he would “terminate the tax.” Doing so would remove the overwhelming majority of funding for the two benefits that comprise Social Security: Old-Age and Survivors Insurance (OASI), and Disability Insurance (DI), known collectively as OASDI. According to the federal Social Security Administration, fully 89% of OASDI came from payroll taxes in 2019.
When did the White House publish the memo?
On Aug. 8, the White House published a raft of executive orders and memoranda, including one on “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” That memo read, in part:
Is Medicare and Social Security stretched thin?
Both Social Security and Medicare funds are already stretched thin, and are likely to be even more strained by the current economic crisis. Trump has also already made clear his plans to further weaken both safety-net programs, using his 2020 and 2021 budget proposals to signal his interest in substantial funding cuts to the two programs.
Will Trump defer payroll taxes?
In deferring the collection of payroll taxes until the end of the year for those earning under roughly $104,000, Trump’s presidential memoranda will substantially impact the collection of funds that benefit the Social Security and Medicare reserve accounts. (the employee portion of payroll taxes is currently allocated as 6.2% for Social Security and 1.45% for Medicare). Trump says that if he is reelected he plans to forgive the deferred tax collections, and ultimately make them permanent. Yet in the interim his action is an effective short-term defunding of the two programs.
What happens if Social Security isn't paid back?
If the money isn’t paid back, Congress will need to find different funding to support Social Security, as it did during the Obama years. Or the Social Security trust funds end up running dry sooner than expected.
What percentage of Social Security is funded by payroll tax?
The payroll tax currently funds 90% of Social Security. Trump told reporters that if he wins re-election he wanted to “terminate” the program’s primary funding source. He can’t do that on his own. A Facebook post has a dire warning about the future of Social Security under President Donald Trump.
When did Trump stop payroll tax?
On Aug. 8, Trump issued a memo that directed the Treasury secretary to defer the withholding of the payroll tax on wages paid between Sept. 1 and Dec. 31.
Did Trump call for eliminating payroll tax?
Administration officials have argued that Trump wasn’t calling for permanently getting rid of the payroll tax.
Did Trump say he would terminate Social Security?
Trump never said he’d terminate the Social Security program, but has talked about terminating the program’s funding source. While speaking, Trump used the words "terminate" or "ending" to describe his plans for the tax, although sometimes he described it as a possibility, while in other statements he sounded more forceful.
Who pointed to these statements by Trump?
Social Security Works pointed to these statements by Trump:
Did Trump say payroll tax holiday?
At an Aug. 10 briefing, Trump said: "I signed directives to give a payroll tax holiday, with the understanding that after the election — on the assumption that it would be victorious for an administration that’s done a great job — we will be ending that tax. We’ll be terminating that tax. … But the payroll tax is a big deal for people. It’s a tremendous saving for people. And we’re going to be doing it, and we intend to terminate it at the end of the appropriate period of time."
What is the Biden campaign's claim about Social Security?
The Biden camp justifies its claims about President Trump’s “proposed cuts” to Social Security by pointing to the Trump administration’s recent efforts to implement a payroll tax holiday as part of the ongoing efforts to blunt the economic impact of Covid-19.
When will Social Security be depleted?
Assuming no changes are made or new policies are enacted, the Social Security Trust Fund will be depleted by 2035, according to the most recent Trustees Report. If that were allowed to happen, beneficiaries would still receive about three-quarters of their regular monthly checks, thanks to funding from the payroll tax.
Will Social Security run dry in 2023?
At the end of August, the chief actuary at the Social Security Administration penned a letter saying that removing payroll taxes would cause funding for Social Security to run dry by the middle of 2023. While Trump has talked fast and loose about nixing the payroll tax, he has also said he’d support replacing that revenue with money from ...
Does payroll tax help Social Security?
Payroll taxes help fund Social Security, but they are not synonymous with the program. In August, the CARES Act’s supplemental $600 weekly unemployment benefit ran out. Negotiations for a second stimulus package among the White House, the House Democrats and the Senate Republicans were going nowhere fast.
Is Social Security complicated?
Unlike other big policy issues, Social Security isn’t terribly complicated to solve , Munnell told Forbes Advisor. You either need to increase revenue to keep benefits constant, or cut retirees’s benefits—neither solution would be politically popular. Politicians on both sides of the aisle need to take the issue seriously and get the buy-in needed to make necessary changes.
Did Trump leave Social Security alone?
In 2016, the president distinguished himself from other Republicans by promising to leave Social Security alone. Over the past four years, he’s pretty much done just that.
Did Trump support payroll tax?
While Trump has talked fast and loose about nixing the payroll tax, he has also said he’d support replacing that revenue with money from the government’s general fund. And for the record, President Trump hasn’t supported actual legislation that would change how Social Security is funded.
Why was the Trump budget plan met with little fanfare?
The plan was met with little fanfare because Congress had already passed a two-year spending deal a few days earlier, making the presidential blueprint largely irrelevant. Like any other budget proposal, Trump’s showed where he wanted to spend money and where he didn’t.
Who is the director of the Trump budget?
Trump’s budget director, Mick Mulvaney, released the president’s federal budget proposal in February. The plan was met with little fanfare because Congress had already passed a two-year spending deal a few days earlier, making the presidential blueprint largely irrelevant.
Did Obamacare include reimbursement?
The same idea was included in Obamacare. The law included lower reimbursement rates for providers — something Republicans criticized as a cut at the time.
What did Trump say about Biden's plan?
Trump criticized Biden's plan, saying that "he's talking about destroying your Medicare," which was met by the former vice president saying that Trump is "a very confused guy."
What were Biden and Trump asked about?
During the final presidential debate on Thursday, Democratic candidate Joe Biden and President Donald Trump were asked about their healthcare plans when they began discussing Social Security.
Did Trump propose eliminating Social Security?
While Trump and the White House made conflicting statements about Social Security and payroll tax deferrals, the president never proposed eliminating them entirely.
Did Trump want to eliminate payroll taxes?
The White House sought to clarify Trump's comment shortly after, saying that the president doesn't want to entirely eliminate payroll taxes, and instead wanted to allow the Treasury Department to delay collection of payroll taxes that fund Social Security and Medicare, which was issued in an executive order after congress failed to renew a COVID-19 relief bill.
Will Social Security go bankrupt in 2023?
That's Social Security. 'If in fact he continues his plan to withhold the tax on Social Security, Social Security will be bankrupt by 2023 with no way to make up for it.'. This is the guy who's tried to cut Medicare," Biden said during the debate.
