Once again Social Security is caught up in politics and misinformation abounds. Destroy Social Security, accelerate the trust depletion date? Nope‼️
“Treasury Secretary Steven Mnuchin, however, says that Social Security funding won’t drop. Money will be transferred from the federal government’s general fund to the Social Security trust funds to cover any payroll tax amounts not collected, according to Mnuchin. That would likely add more to the nation’s debt, though.
Potential Problems with the Executive Order
The executive order only defers Social Security payroll taxes – it doesn’t eliminate them. The tax will have to be withheld and paid ratably from paychecks issued between January 1, 2021, and April 30, 2021. It would take Congressional action to actually wipe out the tax debt.”