President Trump's Executive Order Suspending the Payroll Tax: Statement from Bill Arnone and Bill Rodgers, National Academy of Social Insurance
William M. Rodgers III is Board Chair of the National Academy of Social Insurance
William J. Arnone is Chief Executive Officer of the National Academy of Social Insurance
Despite a lack of bipartisan Congressional support, the Trump Administration is creating a payroll tax “holiday” for those earning less than $100,000 a year. There is much more at stake in the President’s Executive Order than a temporary economic boost. This Executive Order may set the stage for destabilizing vital pillars of our nation’s long-standing social insurance infrastructure by depriving Social Security and Medicare of funding. It may be used to erode the economic security of millions of Americans, without bringing meaningful relief for unemployed workers or employers.
We do need measures to boost the economy now. The Trump Administration and Congress should move forward on the next pandemic response package. What we don’t need are back-door attempts to dismantle the nation’s social insurance infrastructure under the guise of “tax relief.”
Bill Arnone, Chief Executive Officer, National Academy of Social Insurance
The National Academy of Social Insurance is a non-profit, nonpartisan organization made up of the nation’s leading experts on social insurance. Its mission is to advance solutions to challenges facing the nation by increasing public understanding of how social insurance contributes to economic security.