President Donald’s Trump’s decision to use an executive order to defer the payroll, which allows employees to forego paying Social Security and Medicare taxes through the end of the year, has opened the topic of Social Security as the presidential race approaches the final stretch.
There are many criticisms of Trump’s decision, including from Trump’s opponent, former Vice President Joe Biden. Those opposing the move claim that Trump is taking money from Social Security for the COVID-19 pandemic relief when Social Security is already strapped for funds and is in danger of running out of money in about 15 years. Another criticism is that the move really won’t accomplish much because many employers will ignore the order because they don’t want to pass along a big tax bill to workers when the order expires at the end of the year. The order is a plan for taxes to be deferred until 2021 when the bill will be due, so many people wonder why even do it except for some sort of scheme to gain political points. The irony is that rather than gain political points it might end up costing Trump votes as Biden has launched an attack of the plan.
The Tampa Bay Times recently published a story about the Biden campaign releasing a new commercial in the state of Florida accusing Trump of taking money away from Social Security, which there can be no other conclusion to come to. Trump advisors say the money will be made up from the general fund, but according to the story, that would take an act of Congress. And, if you have been paying attention to Congress lately, you know the House and Senate can’t agree on the sky being blue or grass being green. Time will only tell whether this executive order will be a significant issue as the presidential race is decided.
