Trump terminating payroll tax could end Social Security benefits by 2023, chief actuary warns
WASHINGTON — The federal government’s ability to pay Social Security benefits could stop by mid-2023 if President Donald Trump were to permanently terminate the payroll tax and not offer another revenue source, the chief actuary of the Social Security Administration said Monday.
If that were to happen in January of next year, the Social Security Administration estimates that the Disability Insurance Trust Fund “asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter,” Goss said. In a statement reacting to the estimate, Senate Minority Leader Chuck Schumer, D-N.Y., said “President Trump’s plan to eliminate Social Security’s dedicated funding would endanger seniors' Social Security and could mean the end of Social Security as we know it by 2023.”
The letter from Goss came in response to a request from Schumer and Sens. Bernie Sanders, I-Vt., and Ron Wyden, D-Ore., after Trump said he would permanently terminate the payroll tax cut if he’s re-elected in November.
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