White House Denies Secret Plan To Eliminate Social Security - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Top Stories
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Top Stories RSS Get our newsletter
Order Prints
August 10, 2020 Top Stories
Share
Share
Post
Email

White House Denies Secret Plan To Eliminate Social Security

UPI Top News

White House Economic Adviser Larry Kudlow on Sunday said President Donald Trump would not eliminate Social Security tax as part of a series of executive orders he signed one day ago.

The executive orders included measures to provide an extra $400 in weekly unemployment aid to those whose $600 weekly benefits expired in July as well as eviction protections and student loan relief, and a fourth executive order that would defer payroll tax payments for people who earn less than $100,000.

During a news conference announcing the orders at his golf resort in Bedminster, N.J., Trump said he would "terminate" the payroll tax, which funds Social Security and Medicare benefits if he is re-elected in November.

Kudlow on Sunday told CNN's State of the Union that Trump would be able to protect the programs "and cut payroll taxes at the same time."

Host Dana Bash challenged Kudlow's response, saying Trump said "the opposite" but Kudlow maintained that the White House would protect Medicare and Social Security.

"I think he meant the deferral would be forgiven," said Kudlow. "I think he was saying that the savings on the deferral will be permanent. He did not mean that he was eliminating the Social Security tax."

Kudlow also said the payroll the deferral would give Americans "about a $1,200 wage increase after tax" over four months beginning in September.

While discussing the extended unemployment benefits, Kudlow said that states must provide 25% of the payments of up to $400 funds which may not be able to be paid through the CARES act passed in March as Congress has not approved those funds for this round of unemployment aid.

"We will be re-purposing funds from other areas," he said. "Based on our estimates, the states will be able to provide the extra $100."

Kudlow added that the executive order on evictions establishes a process that will allow the Department of Health and Human Services to designate areas with high levels of COVUD-19 spread to extend eviction protections.

"If HHS declares emergencies, then evictions will be stopped," he said.

Congressional Democrats on Sunday condemned the executive orders as unconstitutional as they work to negotiate a deal that would extend eviction protections and continue $600 unemployment payments.

"The fact is, that whether they're legal or not takes time to figure out. I associate my remarks with what the Senator [Ben] Sasse who says, they're 'unconstitutional slop.' Right now we want to address the needs of the American people," House Speaker Nancy Pelosi, D-Calif., said on State of the Union. "As my constitutional advisers tell me, they're absurdly unconstitutional."

Senate Democratic Leader Sen. Chuck Schumer on Sunday said that Trump's actions were "meager" but would not comment on the potential for legal challenges.

"I'll leave that up to the attorneys, it doesn't do the job," he said of the measures. "It's not going to go into effect in most places for weeks and months because it's so put together in a crazy way."

Older

GRS Adds Business Development Executive

Newer

Trump’s Inadvertent Tax Hike

Advisor News

  • After the midterms: Addressing your clients’ tax concerns
  • Berkeley arts tax heads toward passage while public bank measure looks likely to fail
  • Americans’ sense of overall prosperity still ticks upward
  • Turning expanded eligibility into a better coverage plan for federal clients
  • Election 2026: Which of Berkeley's 7 ballot measures will pass?
More Advisor News

Annuity News

  • AM Best Affirms Credit Ratings of Knighthead Annuity & Life Assurance Company and Merit Life Insurance Co.
  • Jackson reports record annuity sales, increases share repurchase authorization
  • Why the market doesn’t need more carriers
  • Equitable, Corebridge steam toward merger with strong Q3 annuity sales
  • Jackson Announces New Annuity Offering for AARP Members
More Annuity News

Health/Employee Benefits News

  • Open enrollment is now for 2027 health insurance coverage in Illinois: What to know
  • Idaho insurance director details $13M school trust collapse
  • Insurance program's collapse detailed at ISBA conference
  • Boeing retirees ‘shocked’ by 400% jump in health insurance premiums
  • MEDICAID PAYMENT TRANSPARENCY RULES: STATE REPORTING REQUIREMENTS AND LIMITATIONS
More Health/Employee Benefits News

Life Insurance News

  • AM Best Affirms Credit Ratings of Central States Indemnity Co. of Omaha and Its Subsidiary
  • National Life Group Approves $23 Million Dividends for 2027
  • Milliman’s proposed $15.5 million settlement puts life insurance underwriting data in focus
  • Brighthouse Financial Announces Third Quarter 2026 Results
  • Prudential earnings dip as Japan sales suspension offsets U.S. growth
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Insurvoice Lets Independent Insurance Agency Owners Analyze Every Customer Call in ChatGPT or Claude
  • Spectrum Weather & Specialty Insurance Celebrates 15 Years and Welcomes the Next Generation
  • Royal Neighbors of America® Increases Service Capacity
  • Benefits Studio Launches to Fill the Missing Middle of Benefits Navigation at $49/mo
  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.