Trump wants to scrap payroll taxes that fund Social Security, Medicare - Business Insider

US President Donald Trump speaks during a news conference in Bedminster, New Jersey, on August 7, 2020.President Donald Trump vowed on Saturday to scrap the payroll tax, a funding mechanism for Social Security and Medicare, if he wins re-election.

"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference announcing executive actions on coronavirus relief.Visit Business Insider's homepage for more storiesPresident Donald Trump pledged on Saturday to scrap the payroll tax, a key mechanism that's used to fund Social Security and Medicare.

"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference. "I'm going to make them all permanent." He later said: "In other words, I'll extend it beyond the end of the year and terminate the tax. So we'll see what happens."a 15.3% levy on wages

known as the payroll tax. It's evenly divided between employers and workers, and most of it goes to fund Social Security. It also helps to finance Medicare, the federal health insurance program for people over the age of 65 and for younger Americans with disabilities.Trump's unexpected comments on Saturday came as he signed an

Can't even read the article. A good poli would just be frank and say “You don’t have to pay for dole bludgers and irresponsible sick people, if you vote for me.” What a rounded example of desperate fast food politics, divisive and desperate and provocative, community grinch.

Gold at 3000 before end of November then

If anyone can do it its him. If anyone needs to do ot as payback its him. I hope he can make it happen.

In the age of infinite money printing, they are always funded. Who are we kidding? Unless budgets are balanced and mindless foreign wars costing trillions are stopped, these concerns will remain political talking points

By 'permanently', he meant in the next three months?

The correct move is to increase the payroll tax to fund social security for those making more than $100,000/year. An amount that will not be noticed by those people can double social security payments for centuries.

If any thing needs to be done is they need to give everyone a $300 hundred dollar raise for social security

Millions of Americans rely on social security and Medicare after they retire. The long term affect will be immense.

realDonaldTrump ETTD King of Bankruptcy fast tracks bankrupting Social Security TrumpFailedAmerica TrumpMeltdown TrumpKillsAmericans TrumpKillsSeniors

Good. End social security!

Tell him to f-off our Social Security that we've paid into our entire lives!

Dishonest & misleading reporting. He pledged to scrap payroll TAXES but he didn't say anything that he will cut funding. You don't just assume there isn't other funding and then put words out of context to push your political narrative.

AMERICA RISE UP! LISTEN! HEAR/KNOW WHAT TRUMP HAS DONE/WILL DO! HE JUST SAID HE WILL ERADICATE/TERMINATE 'SOCIAL SECURITY & MEDICARE'. DIDN'T USE SPECIFIC WORDS BUT TRUMP'S AN EVIL 'CON MAN'; THAT'S THE EFFECT! HE'S AN 'ABOMINATION OF INHUMANITY'!

Attacking Social Security or Medicare is known as 'grabbing the third rail' in politics as anyone doing that winds up being voted out.

We should talk about this as it really is. He’s KillingSocialSecurity. Where’s the AARP and AARPadvocates?

Let's make America GREAT by not voting for Trump. BidenHarris2020

All of Trumps Chumps, following Trump like pied piper.

The best way to kill the government leviathan is to starve it. Any tax cut is a good thing. Conversely, I’m getting tired of, because of my household income, not being a beneficiary of any of them...nor any so-called “stimulus.” Typical redistributionary scheme.

Support Trump

HOG WASH

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside Citadel's big 2020: Strong performance across 5 strategies - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Disgusting greed
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside Meghan Markle and Prince Harry's new life in Los Angeles - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Harry has rejected the traditional role of Court Buffoon which the courtiers and press have forced onto “spares” in the past. William will have to earn his respect without a manufactured “foil”. And who cares? We're so beyond, 'lifestyles of the rich and kinda famous.'
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus has already dealt a blow to Social Security's finances. Trump's payroll tax holiday could make it worsePres. Trump's push for a payroll tax holiday could leave Social Security and Medicare on even shakier ground. Their finances have long been troubled; Coronavirus-induced layoffs have slashed the amount of payroll tax revenue going into their trust funds. What good is a “payroll” tax deduction to Democrats?🤣 Have you ever considered just, I dunno, reporting the news without including leftist talking points? That’s their plan
Source: CNN - 🏆 4. / 95 Read more »

Trump extends unemployment benefits, defers payroll taxBEDMINSTER, N.J. (AP) — Bypassing Congress, President Donald Trump on Saturday signed executive orders deferring payroll taxes for some Americans and extending unemployment benefits after... Trumpissts will believe he did it even after they get nothing. Everyone else will be Realpisst when they get nothing. ap correction needed! He CUT benefits. Does he even have the authority to do that? A great President. The Democrats want to play ganes with peoples lives and hurt the country. BRAVO PRESIDENT TRUMP.
Source: AP - 🏆 728. / 51 Read more »

Trump signs orders aimed at extending some pandemic relief after Congress fails to reach a dealPresident Trump's orders extend unemployment benefits, provide a payroll tax holiday, defer student loan payments and extend the federal moratorium on evictions. That is not what this is, you hacks. NO HE DID NOT. He does not have the power to do that. YOU KNOW THIS (or should) - CALL OUT THE LIE. USE YOUR WORDS ...
Source: CNBC - 🏆 12. / 72 Read more »

Bernie Sanders wants to tax billionaires' pandemic gains to fund health careA new bill would implement a one-time 60% tax on billionaires to cover the health care costs of every American for a year. See when a socialist says I’m going to tax the billionaires what he forgets to tell you is they just simply move out of the country then who is he going to text to get that money you and me and he’s going to then handed out as though he is a king with your checkbook
Source: YahooNews - 🏆 380. / 59 Read more »