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Social Security depleted by 2023 if Trump eliminates payroll taxes, federal official says

Social Security depleted by 2023 if Trump eliminates payroll taxes, federal official says
Posted at 4:42 PM, Aug 24, 2020
and last updated 2020-08-24 23:59:23-04

In a letter to four senators, Social Security Chief Actuary Stephen Goss estimated that if President Donald Trump eliminates payroll taxes, Social Security Trust Fund would be "permanently depleted" by 2023.

"If this hypothetical legislation were enacted, with no alternative source of revenue to replace the elimination of payroll taxes on earned income paid on January 1, 2021, and thereafter, we estimate that DI Trust Fund asset reserves would become permanently depleted in about the middle of the calendar year 2021, with no ability to pay DI benefits thereafter," Goss said in the letter. "We estimate that OASI (Old Age and Survivors Insurance) Trust Fund reserves would become permanently depleted by the middle of the calendar year 2023, with no ability to pay OASI benefits thereafter."

The letter was addressed to Sens. Bernie Sanders (I-Vt.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore.), and Chuck Schumer (D-N.Y.).

One of the executive actions Trump recently signed was temporarily deferring payroll taxes that are used to fund Social Security.

On Saturday, President Trump said that he would make "permanent cuts to the payroll tax" if re-elected.