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Trump pledged to permanently scrap the payroll taxes used to fund Social Security and Medicare if he wins re-election

Trump pledged to permanently scrap the payroll taxes used to fund Social Security and Medicare if he wins re-election
JIM WATSON / AFP



President Donald Trump vowed on Saturday to scrap the payroll tax, a funding mechanism for Social Security and Medicare, if he wins re-election.




"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference announcing executive actions on coronavirus relief.




Experts say the move to cut payroll taxes would further erode the shaky finances of both programs.




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President Donald Trump pledged on Saturday to scrap the payroll tax, a key mechanism that's used to fund Social Security and Medicare.
"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference. "I'm going to make them all permanent."
He later said: "In other words, I'll extend it beyond the end of the year and terminate the tax. So we'll see what happens."
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