Eliminating the payroll tax for both employees and employers would cost the government tens of billions a month and could seriously drain the Social Security fund, critics claim. Carlson added that the cut could also be financed with sales of additional Treasurys, “thereby increasing the deficit,” she said. “This is a short-term sentiment boost and could potentially create more issues to solve in the longer term.”
What A U.S. Payroll Tax Break Might Look Like
March 16, 2020
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As advisors, you must stop this potential permanent hit on our clients! Many politicians have attempted to bankrupt the social security system for many years. This action will cause the system to have to cut benefits, which will make it harder to fund a comfortable retirement for most middle class folks. Having the safety net of enough income to at least pay basic living expenses allows clients to take the risk of investments in the market and elsewhere. The economy depends on seniors spending money for items, entertainment, and travel.