President Trump pledged on Saturday to pursue a permanent cut to the payroll taxes that fund Social Security and Medicare if he wins reelection in November.
into next year but doesn’t absolve their bills outright — though the president said he would seek to waive what people owe if he prevails on Election Day.
In doing so, though, Trump would be embarking on a fraught process that could have catastrophic fiscal effects on programs including Social Security, which watchdogs recently have warned is in dire financial straits, expected next year to have costs that exceed its total incomes.“By having a permanent cut, that immediately makes you ask the question on what’s going to happen on the benefits side,” Garrett Watson, a senior policy analyst at the Tax Foundation, said.
Biden responded in a statement that Trump threatens to “undermine the entire financial footing of Social Security,” adding: “He is laying out his road map to cutting Social Security.”
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