President’s Memo On Payroll Tax Will Hurt Funding For Vital Programs Amidst Global Pandemic

WASHINGTON, D.C. – Today, President Trump took the first steps towards cutting funding for Social Security and Medicare with his hastily constructed “memorandum” deferring payroll taxes for some workers through the end of the year. The President also pledged to work towards making these cuts permanent, despite the reduction in funding they will mean for Social Security and Medicare.

“Social Security and Medicare are the bedrock of the safety net that is helping to hold this country together during this unprecedented crisis,” said Derek Martin, spokesperson for government watchdog Accountable.US. “Today’s executive action confirms that the President cares more about bailing out big businesses and furthering the agenda of the wealthy and well-connected than he does about helping American families survive this pandemic.”

The President’s executive action attempts to defer payroll taxes for workers who’ve managed to keep working amidst record job losses and over 10% unemployment and if made permanent, the cuts could have “catastrophic fiscal effects on programs including Social Security.”


back to top