Fortunately for the country, most businesses have not bought into Donald Trumps Executive Order calling for a “holiday” of payroll taxes until early 2020.
Knowing that the Executive Order is nothing without Congress approving the holiday, many businesses have indicated that they will still withhold the payroll tax proceeds from their employees and either hold on to it, pay it to the IRS, or give it back to the workers when they receive a confirmation from the Congress.
That said, voters need to continue to express the opposition to the war on Social Security and Medicare that Donald Trump, Martha McSally, and others in the Republican establishment are waging.
Mr. Trump wants, if reelected, to make his payroll tax cuts (holiday) permanent.
He has said that if he eliminated the tax, Social Security and Medicare would still be fine because added revenue growth from heightened economic activity would make up for any shortfall.
Where have the people heard that proposition before? Ronald Reagan in 1980. George W. Bush in 2000.
Voodoo Economics is the tune Republicans keep on singing even when the lyrics prove false again and again.
Where does the Arizona Republican Congressional Delegation stand on this?
Martha McSally has said as late as May that she supports Trumps idea of a payroll tax cut.
She has not said whether the Trump deferral should be permanent or if the payroll tax should be eliminated.
Arizona House Republicans (Debbie Lesko, Andy Biggs, Paul Gosar, and David Schweikert) have been just as reckless as Senator McSally after all of them expressed support for Mr. Trump’s payroll tax cut plan.
They have not said whether this holiday should be permanent but do not be surprised if they feel that way.
Most experts believe this tax holiday if made permanent would greatly imperil the stability of Social Security and Medicare.
The AARP published a statement when Trump issued his Executive Order, stating:
“While we agree that economic help for families impacted by coronavirus is needed, AARP is concerned by the Administration’s decision to suspend collection of payroll taxes, including that it won’t achieve its stated objective. Many Republicans and Democrats in Congress agree that a payroll tax suspension raises a number of problems – including potentially for employers who will need to repay taxes they have collected from employees but have not been forwarded to the U.S. Treasury. Further, this approach does not provide needed help to families out of work through no fault of their own.
“Social Security is more crucial than ever as Americans face the one-two punch of the coronavirus’s health and economic consequences. But, this approach exacerbates people’s already-heightened fears and concerns about their financial and retirement security. Social Security’s guaranteed benefits are indispensable. Families impacted by coronavirus urgently need help, and we believe bipartisan congressional action on another coronavirus aid bill is the right solution.”
in a letter written to House and Senate Democratic leaders, Stephen Goss, the Chief Actuary of the Social Security Administration wrote on the possibility of permanent elimination of the payroll tax that:
“If this hypothetical legislation were enacted, with no alternative source of revenue to replace the elimination of payroll taxes on earned income paid on January 1, 2021, and thereafter, we estimate that DI Trust Fund asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter. We estimate that OASI Trust Fund reserves would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter.”
Stop the Trump and Arizona Republican War on Social Security and Medicare.
Their ideas will not work and many senior citizens will be thrown into destitution and early graves if they succeed.
This is another reason to turn out and vote this November.
- The General Election Day is on November 3. 2020. Please see the below graphic for all-important voting dates.
- Please check your voter registration at vote.
- Register/sign up for the Permanent Early Voting List (PEVL) in Arizona or any state that allows early or absentee balloting and mail. Arizona residents can sign up at vote.
- Arizona residents, mail your General Election ballot by October 27, 2020, for the November 3, 2020 election. With recent issues with the Post Office, you should consider mailing them out by October 23, 2020, if not earlier.
- Check-in with the Secretary of State’s office where you live to verify your mail-in ballot was received, processed, verified, and counted.
- Know the voter ID requirements in your state.
- If you can, support Clean Election Candidates with a small contribution.
- Also, please remember to stay informed on all the candidates and vote for all the offices on the ballot.
- Also, remember to research all the ballot initiatives, sign to get them on the ballot if you support the measure, and vote on them as well.