|
John,
In the middle of a pandemic that is killing seniors more than anyone else, Donald Trump signed an executive order aimed at raiding Social Security’s dedicated funding. It was a trap.
Trump couldn’t unilaterally take Social Security’s funding, but he could instruct the IRS to stop collecting payments. So everyone who didn’t have Social Security contributions withheld normally will have to pay double in the first 3 months of 2021.
Fortunately, because of our tireless campaigning, very few employers actually stopped withholding Social Security contributions. But Donald Trump made sure that every federal employee was subjected to his scheme―meaning that government employees from military officers to USPS letter carriers will see their paychecks cut in January, just as President-elect Biden is sworn in.
This is exactly the trap we warned about when Trump first proposed his “payroll tax holiday.”
Here’s the good news: Congress passed a fix to spread out the repayments, so that federal workers won’t feel the sting. This plan holds Social Security’s trust fund harmless, and doesn’t penalize the workers who were forced to take part in Trump’s scheme.
Still, Republicans are calling this fix “building on the President's work to delay payroll taxes.” With the COVID package being inadequate, given the size of the crisis, it’s likely that Republicans will again try to raid Social Security’s dedicated funding.
Taking money out of Social Security’s dedicated funding undermines faith in the whole system, and gives an opening to the Wall Street politicians who proposed the TRUST Act to fast-track benefit cuts.
We’re standing on guard for any actions that will undermine our earned benefits. Chip in $7 to make sure Biden doesn’t fall into Trump’s Social Security trap!
Thanks,
Michael Phelan
Social Security Works
|
