BREAKING: Trump wants to eliminate Social Security’s primary funding source
Mikchael Phelan - Social Security Works
Last month, Donald Trump and Paul Ryan attempted to gut Medicare and Medicaid to give $1 trillion in tax breaks to the wealthy. Thanks to your resistance, that effort went down in flames. Now, rather than learning their lesson, Trump and Ryan are pivoting to an attempt to destroy Social Security to give tax breaks to the wealthy.
This plan is much more insidious than Trumpcare. The Associated Press reports that as part of Trump’s tax reform proposal, they are considering eliminating the FICA contributions that fund Social Security. Because only the first $127,200 of wages are taxed, Trump’s team are calling this a middle class tax cut. But destroying Social Security’s funding will hurt the very people Trump purports to help.
It was reported over the weekend that a GOP lobbyist close to Trump is promoting the plan to completely eliminate Social Security payroll contributions without a firm plan to replace Social Security’s funding source.
Eliminating the payroll tax contributions is dangerous―Social Security has maintained its universal popularity over the past 81 years because everyone pays in, and everyone benefits. This dedicated funding stream also insulates Social Security from the annual appropriations process that Republicans use to squeeze other programs designed to help the middle class.
For decades, Republicans in Washington and Wall Street bankers have told us that Social Security is going broke―even though Social Security has a $2.8 trillion surplus and can pay out 100% of benefits for the next 17 years and over 75% of benefits owed after that.
But Republicans’ tax plans might be a self-fulfilling prophecy. By starving Social Security of its funding, they could finally receive their wish―replacing Social Security’s guaranteed benefit with unstable Wall Street retirement plans.
Together we must stay vigilant in our fight to protect and expand Social Security for current and future generations.
Thank you,
Michael Phelan
Social Security Works
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