FOR IMMEDIATE RELEASE:
AUGUST 8, 2020
Trump’s Payroll Tax Executive Memorandum is a Holiday for the Wealthy and a Death Sentence for Social Security and Medicare Beneficiaries
WASHINGTON, D.C. — Today, President Trump signed an executive memorandum to defer collection of the payroll tax. Aside from the dubious legality of skirting congressional authority on taxation, this move will severely reduce funding for Social Security and Medicare at a critical time. Trump also promised to eliminate payroll taxes entirely if re-elected, essentially threatening wholesale cuts to Medicare and Social Security.
Tax March Executive Director Maura Quint issued the following response to the President’s announcement:
“Trump’s payroll tax holiday is a lose-lose strategy. First, it won’t deliver any relief to struggling small businesses or laid-off workers, but it will dangerously diminish funding for Social Security and Medicare at a time when millions of people depend on these programs.
The truth is, Trump is pushing a payroll tax ‘holiday’ right now to distract the American people from the fact that he and Mitch McConnell refuse to fully extend crucial unemployment insurance, leaving millions of people with a fraction of the financial lifeline they need. Lawmakers in Congress cannot let the president slash America’s foundational safety net programs — especially not during a pandemic.”