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Trump wants a payroll tax cut to undermine Social Security and Medicare https://www.washingtonpost.com/business/2020/07/20/payroll-tax-cut-stimulus-trump/
The Social Security fund is already under the heavy burden of the pandemic and so many workers not working, and employers not paying into the fund.
BUT – if the Democrats want to take the Senior Vote from the GOP, here’s an idea (that takes very little from the SS fund.) End taxes on Social Security income, or at least adjust it for inflation. Of 48M US senior citizens, 52% pay taxes on SS income, unfairly,
as the income is based on earned income already taxed. (Taxes are mostly due to pensions & required distributions on IRAs.)
So, eliminate this double taxation, instead of giving more deductions for the rich.
So, eliminate this double taxation, instead of giving more deductions for the rich.
(The tax of SS income is only 4% of annual SS revenues, and 1% of total SS reserves.)
(The tax was created in 1983 by Reagan, and then increased in 1993 to 85% under Clinton. Originally, only 18% of Seniors were taxed. But the brackets were never adjusted for inflation.)
(The tax was created in 1983 by Reagan, and then increased in 1993 to 85% under Clinton. Originally, only 18% of Seniors were taxed. But the brackets were never adjusted for inflation.)
Added benefit: most Seniors could then do their own taxes, instead of paying a CPA like me to do their taxes.
