Archive | 1:30 pm

The Beginning of the End?

3 Sep

Social Security Services | WESTMORELAND COUNTY

Beginning this month, September 2020, The Trump administration will begin deferring payroll taxes for all eligible federal employees over the objections of unions and other employee groups, who have labeled the plan as “chaotic and confusing.”

The Agriculture Department’s National Finance Center, which processes paychecks for about 600,000 employees across 160 agencies, issued a notice indicating that it would implement provisions of an August presidential memorandum to defer the taxes, which fund Social Security, until the end of 2020.

The deferrals will be temporary and last until the end of the year and apply to all federal employees making less than $104,000 per year. In the short term, those federal workers will see an increase in take-home pay, but they will also be required to pay that money back next year when they fill out their annual tax returns.

Unless: The President, as promised should he be re-elected this fall, continues to issue executive orders extending the payroll tax deferral.

But The Trump administration has not provided information to federal employees about the implications this deferral will have on future tax obligations or on their future Social Security benefits or if they will have to pay penalties and interest on the money as required by the IRS should they be required to return the money to the SS fund.

You know, should someone else be elected President this fall.

Meanwhile, The Social Security Administration’s Chief Actuary, Stephen C. Goss, released a letter warning that should President Trump’s plan to terminate Social Security’s dedicated funding be extended and applied to all workers who pay into the fund, it will destroy Social Security long before the President’s second term is up.

 

Goss’s letter states that if Social Security’s funding were terminated, as Trump has repeatedly proposed and promised if he were re-elected,  that Social Security’s Disability Insurance trust fund would be depleted by 2021, and the Old Age and Survivors Insurance trust fund would be left “with no ability to pay benefits” after 2023.

Thus by instructing the IRS to continue deferring the collecting of Social Security contributions for up to a year, and then continuing to do so each year with executive orders, he can fully defund and destroy Social Security’s disability insurance all by himself, provoking an immediate crisis that could force Congressional legislation cutting benefits or privatizing the program.

At the very least he is beginning this month to deplete the Social Security Trust Fund by syphoning away the payroll taxes of 600,000 federal employees from the fund whether those federal employees want to or not!

In the meantime…The 2018 Supplemental Poverty Measure found that Social Security benefits keep more than 27 million people out of poverty every year and that refundable tax credits do the same for almost 8 million people. Supplemental Nutrition Assistance Program benefits, known as food stamps, also keep an estimated three million people from becoming poor.

And yet all of those programs and now Social Security are being rolled back, cut back or depleted by this President’s efforts and proposals. So if we add 38 million people to the poverty rolls by cutting or eliminating these anti-poverty measures to the already 40 million Americans living in poverty now… we’ll have a whopping 78 million citizens living below the poverty line.

That’s would be about 24% of the United States population or the highest poverty rate ever recorded! Historically, the official poverty rate in the United States had ranged from a high of 22.4 percent when it was first estimated for 1959 to a low of 11.1 percent in 1973.

So our 45th President of the United States in his effort to “make America great again” is at this very moment downsizing the Post Office (the oldest institution in the USA) towards an eventual closing. Fighting the Affordable Care Act at the Supreme Court level in the hopes of having it eliminated from the law of the land. Defunding American cities that he does not like. Mocking our national voting system, the cornerstone of our democracy. And now Beginning the process of depleting our Social Security Trust Fund until it is empty and/or useless…

and one other thing…

It’s not even a secret!

It’s a promise!

 

 

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