Don’t Batter Businesses, Taxpayers, and Social Security Recipients with Destructive Deferral

Target: Mitch McConnell, U.S. Senate Majority Leader

Goal: Oppose payroll tax amendment that would hurt the American people long-term.

The future of Social Security is in question for millions of Americans as harmful tax deferrals threaten the working class already crippled by this year’s economic uncertainties. President Trump recently signed an executive order championing a payroll tax deferral for the closing months of the year. He claimed this action, largely unwanted by both chambers of Congress, would benefit Americans by putting more money in their pockets. The economic realities suggest that this order could do the opposite. The longer-term consequences could prove even more devastating.

The payroll tax represents the percentage of Social Security taxes taken from a worker’s earnings. Delaying this tax payment would create headaches for both employees and businesses, especially small business owners. The businesses themselves may have to shoulder the burden of compensating the government for the missing payments. Many businesses have already stated they will not participate in the initiative as a result. Employees in this scenario would not receive a temporary tax break, and the amount of savings for most Americans is expected to be negligible in any event. Self-employed and unemployed workers would get no benefit from a payroll tax delay.

Further, the order as it stands now would necessitate repayment of the deferred taxes next year, which means the money saved by Americans would very likely lead to a hefty future tax bill. Even if these taxes were ultimately waived altogether, damage would still be done to millions of Americans. For one, the government would lose out on over 300 billion dollars in tax revenue. The country would sink deeper into debt, ensuring politicians would more than likely try to recover these lost funds in the form of higher taxes later. More concerning still, the absence of this support will further deplete the Social Security reserve, putting the retirement and security of future generations in even greater peril.

Sign the petition below to join in the opposition to this potentially catastrophic dictate.

PETITION LETTER:

Dear Senator McConnell,

The opposition to a payroll tax deferral is clear, uniting factions from progressive politicians to the most conservative, anti-entitlement members of Congress. Small and large business owners alike have decried this maneuver, as every resulting scenario seems destined for eventual disaster. Chaos for employers and massive tax bills for employees could be the least of the worries. If this arbitrary, thoughtless order stands, the very future of the Social Security for which millions of Americans have worked is at stake.

Please stand firm in condemning a payroll tax deferral that ultimately does nothing good for everyday Americans. Work instead for a solution beneficial to all that will build, not decimate, this country’s path to recovery.

Sincerely,

[Your Name Here]

Photo Credit: FDR Website

 




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