National Committee to Preserve Social Security & Medicare Issues Statement on President Trump's Payroll Tax Cut Proposal

WASHINGTON, July 23 -- The National Committee to Preserve Social Security and Medicare issued the following statement by President and CEO Max Richtman:

"Congressional Republicans are signaling support for President Trump's reckless payroll tax cut proposals that would undermine the funding streams for Social Security and Medicare.

"Payroll tax cuts are bad medicine for everyday Americans striving to stay financially afloat during the pandemic. Cutting payroll taxes is an ineffective means of economic stimulus, mostly benefits higher-income earners, and provides no relief to the unemployed -- though it is a boon for large employers who are under no obligation to use those payroll tax cuts to retain or rehire workers.

"Most importantly, payroll tax cuts interfere with the revenue flowing to Social Security and Medicare, which workers will need now more than ever.

"Make no mistake: payroll tax cuts are the first step in dismantling Americans' earned benefits. In acceding to the President's payroll tax ploy, while at the same time proposing to scale back unemployment benefits, Congressional Republicans make it plain that they stand with those who least need help and against American families struggling every day to make ends meet."