USA Payroll Tax Cut: Addressing coronavirus with a payroll tax cut won't help workers -

President Trump’s proposal to reduce Social Security payroll taxes to stimulate the economy in an election year is a colossally bad idea. No doubt, the president is worried about an economic downturn as the coronavirus epidemic intensifies — and the potential impact on his re-election campaign. But that is no reason to interfere with Social Security’s finances, especially at a time when the program faces future fiscal challenges. 

On Tuesday, the president tweeted that it would “great” for the “middle class” and the “USA” to temporarily cut payroll taxes — which means reducing the revenue flowing into Social Security. In fact, it would be anything but great for the millions of working people who pay into the program so that they can collect their earned benefits upon retirement, disability, or the death of a spouse. 

Today, more than 40 percent of seniors rely on Social Security for all or most of their income. Economic forecasts tell us that tomorrow’s retirees will rely on their Social Security benefits even more than today’s seniors do. How many would willingly trade their future financial security for a few dollars in payroll tax cuts?

Addressing coronavirus with a payroll tax cut won't help workers - Los Angeles Times