Is Trump going after Social Security and 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.
Did Trump promise to ‘terminate’ social security if he is reelected?
The claim: President Donald Trump promised to 'terminate' Social Security if he is reelected. Recent posts from Social Security Works – a nonprofit focused on expanding Social Security, improving Medicare and lowering the cost of prescription drugs – claim that President Donald Trump will end Social Security if he is reelected.
Is Trump defunding Social Security and Medicare with payroll tax defunds?
President Donald Trump's Saturday decision to sign an executive order to defer payroll taxes has fueled concerns that he is attempting to defund Social Security and Medicare, with the latest order drawing criticism from conservatives and liberals alike.
Did Trump's fiscal-year 2018 budget cut Medicare and Social Security?
His fiscal-year 2018 budget (proposed in 2017) did not include proposed cuts to Medicare and Social Security, but would have made cuts to Social Security Disability Insurance, which would have affected nearly 10 million people.
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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.".
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, ...
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.
How much has Medicare gone up under Trump?
(That’s about 20% of Medicare beneficiaries, according to a Congressional Research Service report.) Part B premiums have gone up under Trump by 7.9%, from 2017 to 2020, the most recent figures available.
How many people will be on Medicare in 2020?
Of the about 68 million people enrolled in Medicare in 2020, 36% of them have Medicare Advantage plans, according to an analysis of government data by the Kaiser Family Foundation. Nearly all Medicare enrollees pay the Part B premium — except for some very low income beneficiaries who also receive Medicaid.
How much is Medicare Advantage 2021?
The Medicare Advantage premium figures vary considerably by state and territory: For instance, the average monthly premium for 2021 is 77 cents in Puerto Rico but $81.79 in Minnesota, based on projected enrollment.
How many parts does Medicare have?
Medicare, the federal health care program that primarily covers those age 65 and older, as well as younger people with disabilities and end-stage renal disease, is made up of four parts, with different costs or premiums for each:
How much has Part B gone up?
Part B premiums have gone up under Trump by 7.9%, from 2017 to 2020, the most recent figures available. We start with 2017 because the first Part B premiums announced under the Trump administration would have been 2018 premiums, revealed in late 2017.
Which expense has gone up under both administrations?
But the larger expense that affects most enrollees is the Part B premium, which has gone up under both administrations. In fact, Part B premiums have gone up faster in Trump’s first three years than they did in Obama’s first three years.
Did Trump lower Medicare premiums?
Trump claimed “premiums for Medicare health plans went up” under the Obama administration, but his administration “lowered Medicare Advantage premiums” by 34%. He is talking about premiums for Medicare Advantage, a private Medicare option, that most Medicare beneficiaries don’t pay.
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.
Is Trump's executive order to defer Social Security bad?
Donald Trump’s executive order, which seeks to defer Social Security contributions, is bad enough. But his promise to ‘terminate’ FICA contributions if he is reelected is a full-on declaration of war against current and future Social Security beneficiaries. Social Security is the foundation of everyone’s retirement security.
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.
Who was the Treasury Secretary when Trump signed the tax deferral order?
The order also instructed Treasury Secretary Steven Mnuchin to "explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred" — a goal Trump reiterated in remarks after he signed the order.
When will Social Security be paid back?
An official from the White House told USA TODAY on Tuesday that the Social Security Trust Fund is not at risk, since payment deferral is only temporary, and at present, must be paid back early in 2021. The official confirmed, though, that the president called on Congress to make the deferral permanent, thereby eliminating the tax.
How much is the Social Security Trust Fund surplus?
Nancy Altman, the president of Social Security Works, told USA TODAY that the Social Security trust fund has a surplus of $2.9 trillion – only enough to last three years without new tax revenue.
Can Trump defer payroll tax?
Notably, it's not within a president's power to unilaterally change tax law or re-appropriate government funds, experts told the New York Times. If reelected, Trump could continue to defer the payroll tax with executive orders, but he could not eliminate the payroll tax entirely or provide a new source of funding for Social Security without support ...
Will Trump end Social Security?
Based on our research, the claim that Trump said he will "terminate" Social Security if he is reelected is PARTLY FALSE. Trump recently signed an order offering temporary relief from the payroll tax that funds Social Security, and he has repeatedly said he'd terminate the tax entirely if he's reelected.
Did Trump defer taxes on Social Security?
Trump deferred the tax that funds Social Security, and vowed to 'terminate' the tax in the future. The vast majority of Social Security is financed through the payroll tax, according to the Social Security Administration.
Does the tax relief affect Social Security?
Trump, White House claim the tax relief will not impact Social Security. On Sunday, as he boarded Marine One, Trump told reporters that the executive order deferring payroll taxes for some Americans will "have zero impact on Social Security.". "We protect Social Security," he added, according to Fox News.
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.
Has Trump supported legislation to change how Social Security is funded?
And for the record, President Trump hasn’t supported actual legislation that would change how Social Security is funded. The Social Security Administration actuary also wrote that if Social Security’s trust funds received transfers from the general fund (as it did in 2010, 2011 and 2012), then “the projected depletion date ...
Is Joe Biden running ads?
Former Vice President Joe Biden is running campaign ads that claim President Trump “signed an executive action directing funding cuts for Social Security” and “proposed slashing hundreds of billions of dollars from the Social Security Trust Fund every year.”. The problem is, however, that this just isn’t so.
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 ...
