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Insider's Report: President Trump's Most Serious Attack on Earned Benefits
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Whether or not President Trump understands the dangerous implications of "terminating payroll taxes," his executive order signed on August 8, 2020 and accompanying remarks should alarm all Americans. The President's exercising unilateral authority (of dubious legality) to cut the payroll taxes which fund Social Security and Medicare proves that opponents of workers' earned benefits have his ear.
Earlier this month, former Federal Reserve nominee and longtime antagonist of Social Security Stephen Moore implored the President to bypass Congress and order the Internal Revenue Service to impose a "payroll tax holiday." That's exactly what the President's executive order does. And that's exactly what many so-called "fiscal hawks" want: a back-door method to destroy Social Security under the guise of a "tax cut."
According to the Democratic Presidential Nominee Joe Biden: "He is putting Social Security at grave risk at a time when seniors are suffering the overwhelming impact of a pandemic he failed to control. Our seniors are under enough stress without Trump putting their hard-earned benefits in doubt."
Simply put, the President's action is a blatant betrayal of his promises "not to touch" Social Security and Medicare. Rescinding workers' payroll contributions — even temporarily — is harmful to social insurance safety net programs, since their funding depends on those taxes.
But the President's pronouncement that if re-elected he would "terminate FICA taxes" is even more chilling. No supporter of Social Security would permanently "terminate" the taxes that it relies on for funding, especially at a time when the program faces financial challenges that require more revenue, not less. Surrounding himself with so-called "entitlement reformers" who want to cut, privatize, and obliterate earned benefit programs like Social Security and Medicare — programs they wrongly refer to as "entitlements" — and then acting on their advice, is a direct attack on senior Americans which will throw millions into poverty if he gets away with it.
While this is perhaps the most serious attack by President Trump yet targeting the retirement and health security of older Americans, it's not the first. In fact, he's submitted three budget proposals that have called for devastating cuts to Social Security, Medicare and Medicaid. And time and again he's tried to overturn and sabotage the Affordable Care Act which would result in higher prescription drug costs and, rolling back free preventive care services for Medicare beneficiaries and forcing millions of others to lose their health care coverage.
So is it any surprise he's towing the line of anti-earned benefit forces by trying to dismantle Social Security and Medicare with the stroke of his pen?
Make no mistake, the National Committee is dedicating significant resources to the fight to invalidate the payroll tax executive order. And with your help we will succeed in protecting the earned benefits of workers and retirees.
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| Good Bills |
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The National Committee endorses the "Protecting Seniors Through Immunization Act" (S. 1872 / H.R. 5076), introduced by U.S. Senator Mazie Hirono (HI) in the Senate and U.S. Representative Donna Shalala (FL-27) in the House. This bill would address drug pricing and ensure that older Americans have access to critical shingles immunization.
This bill will expand Medicare, which does not currently provide comprehensive coverage for shingles vaccines, to cover all adult vaccines recommended by the Advisory Committee on Immunization Practices without any cost-sharing from Part D. This would immediately apply to shingles and Tdap vaccines, making them accessible for the 45 million and growing older Americans with Part D plans.
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| Ask Us |
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Whether you're currently retired or approaching retirement, the National Committee's "Ask Us" section can help answer your questions about Social Security. You can either search our archives for valuable advice on a broad range of concerns at www.ncpssm.org/ask-us-recent/ or email your question to [email protected].
This week's question is: I started taking Social Security in February of this year and now realize it may not have been the best decision. Once Social Security monthly benefits are started is there any way for me to change my mind and delay receiving benefits and if so what do I need to do to accomplish that?
Click here to read the answer.
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| Poll Results |
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We asked our readers the following question in the last issue of Benefits Watch:
Do you believe Social Security and Medicare are fair game when it comes to fixing soaring budget deficits?
The results from our recent poll are fascinating, but they’re only available to National Committee members! Join the National Committee today and we’ll immediately give you the results of this important poll.
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Ask Us
We can help answer your questions and provide valuable advice on Social Security. |
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Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Coronavirus
Find valuable information, essential tips and warnings about COVID-19-related scams. |
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| Not Collecting Payroll Taxes Would Be 'Disastrous' |
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President Trump's order not to collect payroll taxes through at least the end of the year would cut off the only dedicated money stream for the Social Security and Medicare trust funds. An organization dedicated to preserving both programs is warning about the impact. (August 10, 2020, WTAE-TV, Bob Mayo)
Read More →
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