njhowie
Thinks s/he gets paid by the post
- Joined
- Mar 11, 2012
- Messages
- 3,931
Not a political thread, so let's not bring politics in to this discussion
Last night a new Covid stimulus/extension of benefits package was signed by executive order. Of most interest to those on this forum is the deferral of employee payroll taxes for Social Security and Medicare. This deferral is through end of the year. POTUS has indicated that if he is re-elected, he would move to make the deferral permanent, meaning (as I understand it) not paying back the deferred amounts and no further employee payroll taxes going forward.
The biggest immediate question arising is "Where does that leave Social Security"? We've been told that without overhaul, Social Security benefits would need to be reduced to about 70% of current levels sometime in 2030s. This move with respect to employee payroll taxes would surely pull that date forward.
Thoughts/opinions?
Last night a new Covid stimulus/extension of benefits package was signed by executive order. Of most interest to those on this forum is the deferral of employee payroll taxes for Social Security and Medicare. This deferral is through end of the year. POTUS has indicated that if he is re-elected, he would move to make the deferral permanent, meaning (as I understand it) not paying back the deferred amounts and no further employee payroll taxes going forward.
The biggest immediate question arising is "Where does that leave Social Security"? We've been told that without overhaul, Social Security benefits would need to be reduced to about 70% of current levels sometime in 2030s. This move with respect to employee payroll taxes would surely pull that date forward.
Thoughts/opinions?
Last edited: