Trump’s War on Social Security and Medicare Has Begun
“If I am victorious on November 3rd, I plan to forgive these [payroll taxes for Social Security and Medicare] and make permanent cuts to the payroll tax.” President Trump announced on August 8th.
Trump’s plan to defund the essential safety net programs Social Security and Medicare should send shivers down the spine of every American. It has never been a secret that Republicans have wanted to privatize or eliminate social security for years, but now with an executive order that Trump signed on August 8th that goal is closer than ever.
Payroll taxes are the primary source of funding for Social Security and Medicare, essential programs that keep one out of every six Americans out of poverty. Trump’s plan to eliminate these taxes would gut the Social Security Trust Fund by 2024 or 2025., according to Forbes Magazine. Today 65 million Americans receive Social Security benefits, including retirees, the disabled, and surviving minor children. Under the guise of stimulating the economy and declaring a “tax holiday," the executive order signed by Trump would suspend the collection of payroll taxes for the period of September 1st to December 31st for employees earning less than $104,000 per year. Technically, the payment of these taxes would only be deferred, but Trump has promised that if he is reelected, he will forgive the payments (resulting in a loss of $100 billion to Social Security and Medicare) and move to permanently eliminate payroll taxes, depleting program funds as early as 2024 with no plan for alternative funding sources.
Don’t let President Trump gamble with your future by treating your Social Security and Medicare savings as just another one of his many bankruptcies.
THIS NOVEMBER – VOTE BLUE AND PROTECT YOUR SOCIAL SECURITY SAVINGS AND MEDICARE