Who is cutting social security

Read More. Trump's executive action. On August 8, Trump signed an executive action to temporarily suspend the payroll tax for many employees. It also leaves open the possibility of forgiving the deferred tax down the road.

Critics argue that this would essentially defund Social Security and Medicare because they are both primarily financed by the tax. Others say the temporary pause won't have a significant effect on Social Security benefits because the President alone can't reduce payroll taxes, which would require action from Congress.

When asked about the effect this action would have on Social Security trust funds, White House counselor Kellyanne Conway told reporters in a press gaggle on August 11 the President is still committed to protecting entitlements but did not outline how he would do so. Conway also said Trump was more concerned with people who are currently trying to make ends meet, rather than the longer-term aims of Social Security.

As CNN has reported , many business leaders have argued against Trump's push to defer payroll taxes, arguing that workers could end up owing more in taxes if implemented. In the context of Social Security, insolvency means the trust-fund financial cushion is expected to be exhausted by It doesn't mean the system will stop paying benefits entirely around that time.

For more stories that matter, subscribe to azcentral. Even without this cushion, Social Security will still collect payroll and self-employment taxes and even income taxes some higher earners face taxes on a portion of their benefits.

Think of Social Security's retirement system as having a checking account and a savings account. The checking account receives all that payroll tax and other income and is constantly doling out benefits and paying other expenses. In years when income is comparatively low, it taps into the savings account, the trust fund, to pay benefits in full.

Unfortunately, the Social Security system, like many Americans, has leaned heavily on savings withdrawals lately, and this cushion could run dry by Retirement savings: Here's what you need to know about taxes. Not really. In certain other reports, it was projected to come much later, after Still, the current trend is worrisome, especially as the big baby boomer generation is retiring en masse and only 2. Besides, the depletion scenario is now just 12 years away.

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Browse by Topic. Options for lowering benefits include: Further raising the eligibility age for full retirement benefits; Raising the eligibility age for early retirement benefits; Lowering the cost-of-living adjustment; Indexing benefits for new beneficiaries to keep pace only with price increases, instead of wage increases; and Gradually scaling back benefits in a variety of other ways.

Those options include: Updating the special minimum benefit for low-serving, low-paid workers; Reinstating student benefits up to age 22 for children of disabled or deceased workers; Increasing benefits for those aged 85 and older; and Allowing childcare years to count towards Social Security benefits.