Deferring or cutting payroll tax won't affect Social Security, Trump says
Last updated 8/13/2020 at 3:58pm
Deferring the payroll tax or permanently cutting it won’t affect Social Security, President Donald Trump told reporters, Monday, Aug. 10.
“What we’re doing is we reimburse through the general fund, not through Social Security. This will have no impact on Social Security,” Trump said before departing Morristown Municipal Airport in New Jersey.
The payroll tax is typically paid by employers with money they withhold from workers. Social Security, which pays money to retirees, is primarily funded through the payroll tax.
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