Americans would get a few extra dollars in their paychecks now -- but future Social Security beneficiaries would pay for it.
The White House is reportedly considering a payroll-tax cut to boost the economy by giving Americans a few more dollars in their paychecks — but the proposal could also take money away from Social Security beneficiaries in the future.
Social Security is already in turmoil. The two trust funds that support the program are expected to run out of reserves by 2035, and if that happens beneficiaries will get only 80% of the benefits they’re owed, according to the Social Security Administration’s trustees report. The SSA estimates the program will face a gap between promised benefits and projected income over the next 75 years.
If the Trump administration were to adopt the same policy — a 2% cut for two years — Social Security’s expected 75-year shortfall would expand by 3% in the next 75 years. The shortfall for the 2020-21 fiscal year, however, would triple, Goldwein noted.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ariana Grande Reportedly Dating Social House’s Mikey FosterFoster worked with Grande on “Thank U, Next” and “7 Rings.”
Read more »
Colin Kaepernick reveals what led him to risk his career kneeling for social justiceIt was ultimately a means of taking on police brutality and systemic racial injustice, but former NFL quarterback Colin Kaepernick says his decision to kneel in protest during the pregame National Anthem began with one man: Mario Woods.
Read more »
My Carefully-Curated Social Media Posts Weren’t Showing The Truth Of My FamilyA picture is only worth the story behind it, and no one knew mine.
Read more »
The Insecure Costume Designer Got Her First Big Break Through Social MediaAyanna James shares the secrets to her success.
Read more »
Jessa Duggar Has 'Counting On' Fans Seriously Concerned With Suspicious Social Media BehaviorJessa (Duggar) Seewald hasn't posted on social media in nearly two months, and 'Counting On' fans are starting to get worried.
Read more »
Study Offers New Insights On How Social Media Affects Girls' Mental HealthThere’s little doubt that social media is not great for mental health. A new study offers a different explanation as to why the connection may exist.
Read more »