President Donald Trump talks with reporters before departing from Morristown Municipal Airport in Morristown, N.J., Sunday, Aug. 9, 2020. Trump was returning to Washington after spending the weekend at Trump National Golf Club. WASHINGTON (AP) — President Donald Trump’s move to defer Social Security payroll taxes could be taking him into treacherous political territory.
His directive — aimed at boosting an economy shaken by the coronavirus pandemic — doesn’t affect retirement benefits but impacts how they’re paid for. Democrats seized on it Monday as a signal that Trump would cut the social safety net and break a promise he made as a candidate in 2016 not to touch Social Security and Medicare. Some nonpartisan experts also expressed concerns.
Deferral of the 6.2% payroll tax on employees for the last three months of this year could mean that up to $100 billion in payments to the Social Security Trust Fund would be delayed, according to an updated estimate by the nonpartisan Committee For A Responsible Federal Budget, which advocates for reducing government deficits.
“What it does is undercut Social Security,” Rep. John Larson, D-Conn., said Monday, addressing Trump’s move. The president “is defunding Social Security and breaking his promise. … He will say, […]
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