By Diane Thomas-Rupert, Stevensville
Hello to my fellow senior citizens who are drawing Social Security or expecting to draw Social Security in the near future. Do you know how “dedicated” payroll tax payments affect you? If your answer is no, Google search “Social Security and “dedicated payroll tax” and you will see that the first sentence reads: ”Social Security is financed through dedicated payroll tax.”
As an employer, on the 1st of September I could have started deferring that portion of my employees’ tax that funds SS and Medicare. Well think about this; what happens if those dedicated payroll tax payments are deferred and then forgiven so that the money never goes to fund those programs? Could that action end Social Security payments?
It is possible that the answer is yes. If employers stop withholding Social Security dedicated payroll tax contributions for the next four months, the funds at that point would be deferred until after the election. It is possible, if the present administration remains, that they could continue to defer or they could forgive those payments and effectively end Social Security? You might want to read this article, “Social Security Could Come to a Screeching Halt” accessed by Google search.
So, senior citizens, when we hear “deferment of dedicated payroll tax” let’s be sure we all pay attention and ask; “how is that going to affect my Social Security”? I don’t know about you but I am not going to take the risk of the present administration ending these payroll payments that support the programs that are vital to senior citizens and others. We can stop this with our vote. Be sure you vote.