.MaddowBlog: Pres. Trump vows to end revenue source for Social Security system
at a press briefing yesterday.
"I signed directives to give a payroll tax holiday with the understanding that after the election, on the assumption that it would be victorious for an administration that's done a great job, we will be ending that tax, will be terminating that tax." Whether the president understands this or not, payroll taxes finance the Social Security system and Medicare. To"terminate" this tax would not only cost hundreds of billions of dollars -- at a time when the deficit is already enormous -- it would also strip Social Security and Medicare of their vital revenue streams.
What's more, he's doing this during an election season, in which he's already losing, all while targeting a relatively obscure tax that most Americans barely acknowledge, much less expect to see"terminated." It's rare to see a proposal in which the policy implications and the political implications of the same idea are equally ridiculous.
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