A payroll tax cut is a bad idea [link removed] CALL THE PRESIDENT & YOUR LEGISLATORS to Stop this Dangerous Idea! Dear John,
He just can't seem to let it go ... During Tuesday's press briefing, President Trump said, "I would love to see a payroll tax cut ... There are many people who would like to see it as a permanent tax cut ... both for business and the people." He later doubled down in an interview with Sean Hannity saying, "This would be a fantastic time to have a payroll tax cut."
No, Mr. President there is never a good time to hurt Social Security.
This is a reckless idea that President Trump has pushed in the past as a way to stimulate the economy, even before we had a coronavirus pandemic. While it may provide a few extra dollars for workers in the short-term, it would rob Social Security of much-needed revenue for the future at a time when millions of older Americans rely solely on their earned benefits just to make ends meet.
<span style="font-family:Arial, Tahoma, Verdana sans-serif;font-size:14px;line-height:18px;"><strong>That's why we need to make our views heard today!</strong> <em>Please pick up your phone right now and call the National Committee's toll-free Legislative Hotline at <strong>(800) 998-0180.</strong> The Hotline will connect you directly to your U.S. Representative. <strong>Please tell them: Congress must stop this benefit cut and provide a 2% temporary increase in benefits for everyone by passing the "Social Security COVID Correction and Equity Act" (H.R. 7499).</strong></em></span> As you may know, the Coronavirus Aid, Relief and Economic Security (CARES) Act [link removed] already provides employer payroll tax credits, which the National Committee strongly opposes because it deprives Social Security of revenue from employer contributions. Thanks to pushback from the National Committee and other advocacy groups, the CARES Act did not include broader, more damaging payroll tax cuts. But any further tampering with this program could open the door to devastating benefit cuts and dangerous privatization schemes that would harm the earned right nature of Social Security.
For a president who promises "not to touch" Social Security, repeatedly advocating a payroll tax cut is a bizarre way of showing it. Social Security depends on workers' and employers' payroll tax contributions for funding: indeed, Social Security is completely funded by payroll taxes. It's no secret that this program faces financial challenges. The Social Security trust fund will be exhausted in 2035 — if Congress takes no action to increase revenues. Instead of weakening this program, President Trump should support proposals to strengthen and boost earned benefits! But the President appears determined to include a payroll tax cut in the next coronavirus economic relief package. With so much at stake, and things moving so quickly in Washington, I need you to please act right now! Call the White House and your members of Congress through our hotline at (800) 998-0180 and tell them to reject the payroll tax cut! This is a huge threat to the future of Social Security, and we need every National Committee member and supporter to ensure their voices are heard at the highest levels of government! Sincerely, Max Richtman
President & CEO
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