Trump pledged to permanently scrap the payroll taxes used to fund Social Security and Medicare if he wins re-election
US President Donald Trump speaks during a news conference in Bedminster, New Jersey, on August 7, 2020.President Donald Trump vowed on Saturday to scrap the payroll tax, a funding mechanism for Social Security and Medicare, if he wins re-election.
"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference announcing executive actions on coronavirus relief.Visit Business Insider's homepage for more storiesPresident Donald Trump pledged on Saturday to scrap the payroll tax, a key mechanism that's used to fund Social Security and Medicare.
"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference. "I'm going to make them all permanent." He later said: "In other words, I'll extend it beyond the end of the year and terminate the tax. So we'll see what happens."a 15.3% levy on wages
known as the payroll tax. It's evenly divided between employers and workers, and most of it goes to fund Social Security. It also helps to finance Medicare, the federal health insurance program for people over the age of 65 and for younger Americans with disabilities.Trump's unexpected comments on Saturday came as he signed an
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