Pascrell Excoriates Trump Scheme to Destroy Social Security

Statement

During a hearing of the House Ways and Means Subcommittee on Social Security this afternoon, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) blasted plans by Donald Trump and congressional Republicans to bankrupt Social Security and touted House Democrats' emergency legislation to block Trump's scheme.

"I want to be clear: Donald Trump's plan to defer payroll taxes is a naked attempt to defund and destroy Social Security," said Rep. Pascrell. "Any members who support Trump's scheme are complicit. Thankfully, most major American businesses are refusing to implement Trump's scheme because of the tax liability it would create for employees and regular Americans. The Heroes Act passed by House Democrats 132 days ago would provide important relief to Social Security recipients. It is being blocked by McConnell Republicans. Our emergency legislation will stop cold Republicans' latest attack on Social Security. One party is committed to protecting Social Security, the other is trying to destroy it."

Rep. Pascrell is an unshakable champion of Social Security in Congress. Pascrell is a cosponsor of H.R. 860, the Social Security 2100 Act, which will cut taxes for Social Security recipients, provide a benefit bump for current and future beneficiaries, and keep the system strong for generations to come. Pascrell is also a cosponsor of H.R. 8171, the Save Our Social Security Now Act, which would block Trump's payroll tax deferral scheme.

An August 24, 2020 letter from the Chief Actuary of the Social Security Administration to several members of the U.S. Senate said that Trump's payroll tax plan would deplete the Social Security Trust Fund by 2023, "with no ability to pay benefits thereafter." In layman's terms, Trump's plan would bankrupt Social Security in three years.

Source