John,
We’ve learned this week that if Donald Trump follows through on his statement to “terminate the [payroll] tax” and eliminate Social Security’s dedicated funding, the Social Security Trust Fund will be fully depleted by 2023.[1]
Read Frank’s email below and chip in $5 or more to fight back against this threat to Social Security!
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Through executive action, Trump has already instructed the IRS to stop collecting the employees’ share of Social Security contributions―unconstitutionally bypassing Congress. But now, in a letter from the Social Security Administration’s Chief Actuary, we’ve learned that if Trump is able to fully eliminate payroll tax collection, Social Security disability insurance will be fully depleted within the next year with old-age and survivors benefits not far behind.[2]
Donald Trump represents the greatest threat to Social Security in the program’s 85-year history. Donate today to fight back to defend the future of our earned benefits.
Thank you,
Andrea Haverdink
Digital Director
Americans for Tax Fairness Action Fund
[1] “Trump promises permanent cut to payroll tax funding Social Security and Medicare if he’s reelected,” The Washington Post, Aug. 8, 2020
[2] https://www.ssa.gov/OACT/solvency/VanHollenSandersWydenSchumer_20200824.pdf
-- Frank's Email --
John,
Donald Trump’s vision for the future of our economy can be summed up in two words: tax cuts. But, in his first term in office, the failed Trump-GOP tax scam isn’t his only assault on a fair share tax system.
For months, Donald Trump has tried to slash payroll taxes that finance Social Security in a misguided attempt to prop up the economy in the midst of the pandemic. This month, through executive action, Trump bypassed Congress and instructed the IRS to stop collecting the employees’ share of Social Security contributions.[1] He even boasted to his wealthy supporters at his New Jersey country club:
“If I’m victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. I’m going to make them all permanent. … In other words, I’ll extend beyond the end of the year and terminate the tax.”[2]
Now, the Social Security Administration’s Chief Actuary has written to members of Congress stating that if Trump is successful in eliminating payroll taxes, paid by individuals and employers, Social Security’s Trust Fund will be fully depleted by the middle of 2023.
This is a critical moment to defend the future of Social Security. Donate today to fight back against Trump’s attacks and demand a strong Social Security system for generations to come.
Stephen Goss of the Social Security Administration wrote last night:
“with no alternative source of revenue to replace the elimination of payroll taxes on earned income paid on January 1, 2021 and thereafter, we estimate that [Disability Insurance] Trust Fund asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter. We estimate that [Old-Age and Survivors Insurance] Trust Fund reserves would become permanently depleted by the middle of calendar year 2023….” [3]
We’ve never seen a greater threat to the future of Social Security.
We’ve seen past presidents attempt to privatize and cut our earned benefits, but never before has a president’s actions threatened Social Security so immediately. If Trump follows through on his statement, his assault will fully deplete the Disability Insurance Trust Fund within the next year and the Old-Age and Survivors Trust Fund just two years later.
Donate today to fight back against Donald Trump’s assault on Social Security and demand a fair share tax system that defends our earned benefits for generations to come.
Thank you for fighting for the millions of people who rely on Social Security each and every day.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Here’s what is actually in Trump’s four executive orders,” The Washington Post, Aug. 17, 2020
[2] “Trump promises permanent cut to payroll tax funding Social Security and Medicare if he’s reelected,” The Washington Post, Aug. 8, 2020
[3] https://www.ssa.gov/OACT/solvency/VanHollenSandersWydenSchumer_20200824.pdf
