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April 18, 2024 at 02:33 PM
Donald Trump is mulling a cut to the federal payroll tax, “a move that could lower the flow of money into the Social Security and Medicare trust funds,” Reuters reported.
The Republican presidential candidate has presented the idea to his advisors, Reuters reported Wednesday, citing two unnamed “people familiar with the discussions.”
Nancy Altman, president of Social Security Works, blasted the idea in a statement Thursday.
“Trump recently received pushback when he said that ‘there is a lot you can do’ to cut Social Security,” Altman said. “So he is dusting off the old Republican playbook and bringing back the strategy known informally as ‘Starve the Beast.’ In this case, Social Security is the beast.”
In 2020, then-President Trump issued an executive order allowing employers to temporarily defer payroll taxes.
“He was quite explicit that, if re-elected, he would convert that delay into a permanent cut,” Altman said.
