Legalectric

Are you depending on Social Security to be there for you when you retire? Are you, a family member, friend, receiving Social Security disability payments? Pay attention, because Social Security has been defunded, “temporarily,” and tRump wants to make it permanent. What would that mean to you?

You can find tRump’s Memorandum and Guidance for defunding Social Security here:

Friday – Defunding Soc Sec – U.S. Treasury Guidance for Payroll Tax Deduction

My Letter to the Editor was published in the Red Wing Republican Eagle a couple weeks ago, forgot to put it up here!

When I’m 65…

Yeah, there’s a song, but that was last year. This year, yeah, boomer, I’m 65, and must enroll in Medicare. Nope, not happy about this at all. So much isn’t covered, basic things like glasses, hearing aids, what is covered is only 80% covered, and there’s an annual deductible. Insurance companies flood my mailbox wanting to take my money to cover the gaps. Neither party supports single-payer health care. They’re beholden to the insurance companies.

And approaching 65, consider Social Security. Most of us will need it. Based on the numbers, I’ll hold off collecting for a few years to have a higher payout. But with the defunding of Social Security last week, Social Security will be broke long before I drop dead!

Defunding Social Security? Yes, the “payroll tax cut.” Do you understand what this means? As someone who’s paid in, and as someone with grey hair, I’m horrified!

Cutting the “payroll tax” that funds Social Security means that the money funding Social Security would no longer be paid by employees and employers into the Social Security trust. That “payroll tax cut” means Social Security withholding would end. Social Security will be drained – all outgo and no income.

Enacted at the end of July, it allows, but does not require, employers to not withhold Social Security “payroll tax” from your check. If employers don’t withhold it from your check, they also do not have to pay their half, because withholding triggers employer payments. Again, Social Security would be all outgo and no income. How’ll that work for us? It won’t.

This “payroll tax cut” is in effect through year end. Missed “payroll tax” payments would be made up starting 2021, though how it happens isn’t explained. Many employers aren’t happy about this, because it’s an accounting hassle, and recouping those Social Security payments not made, by whatever scheme, would be a significant expense for employers and employees. A permanent cut has been proposed. Just NO!

Defund Social Security? We’ve paid in all our working lives. I’ve paid in since my Department of Agriculture summer job at 15. How many years have you paid in? Will you need Social Security? I sure will.

Yes, it’s an “entitlement.” We’re entitled to receive the benefits after we’ve paid in for so long. Cut the “payroll tax?” Defund Social Security? NO! You’ll have to pry it from my cold, dead hands!

Carol A. Overland, Red Wing