Payroll tax cut a raid on Social Security

There are plenty of ideas for how to help our struggling economy. The House of Representatives have offered their plan, calling for another round of stimulus checks, and an extension of federal unemployment benefits. The U.S. Senate has yet to approve its own plan, but is so far intent on offering a smaller package than the House. One idea that doesn’t make sense as a way to help those struggling amid the economic downturn, is an elimination of the payroll tax. Getting rid of taxes sounds good, until you consider that the payroll tax is what funds Social Security and Medicaid. President Trump has already suspended the employer portion of the payroll tax for the rest of this year, and has suggested doing away with the tax permanently. But this is a dedicated tax. Currently Social Security is funded by a 12.4% tax that is split evenly between employers and employees. If the tax is ended, Social Security would be funded out of general fund revenue, meaning the money may not be there. That means retiring seniors hoping to rely on Social Security, the money they paid into the system, may find it isn’t available. This idea is no more than a raid on the Social Security system. There are plenty of ideas for helping those economically impacted by the sagging economy, but raiding Social Security should not be one of them.