Trump Demands Payroll Tax Cut For Next Stimulus BillPresident Trump has thrown an unnecessary wrench into the next coronavirus stimulus package negotiations by demanding that it include a payroll tax cut. "Cutting Social Security contributions advances a longstanding right-wing ideological goal: Weakening our Social Security system," claims Nancy Altman, president of Social Security Works. If Trump follows Obama’s model, then Social Security would not be affected; however, if a reimbursement clause is not included, then it could impair funding for Social Security and Medicare. Social Security Trust Fund Already StrugglingThe Social Security trust is already facing a funding deficit, with trustees projecting that 2020 expenditures will be $73 billion more than non-interest income. An estimated 179 million workers were covered under Social Security in 2019, according to the Social Security Administration.

Source: Forbes July 20, 2020 12:30 UTC