Former Vice President Joe Biden says Trump’s new executive order to cut payroll taxes is “a reckless war on Social Security.”
One of the executive orders Trump signed without Congress from his private club in Bedminster, NJ directs the Treasury Department to allow employers to defer Social Security payroll taxes from the employee until the end of the year for Americans making less than approximately $100,000 annually.
President Trump also said he will forgive the deferred payroll taxes and make permanent cuts to payroll taxes if he is reelected in November. Also Read–Here is a summary of Trump’s executive orders
In an emailed statement addressing the president’s order, Biden said that such a move would “undermine the entire financial footing of Social Security.”
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The presumptive Democratic nominee said that unlike the 2012 payroll tax plan put forth by the Obama administration, Trump’s executive order does not appear to include “protections or guarantees that the Social Security Trust Fund will be made whole.”
“He is laying out his roadmap to cutting Social Security,” Biden said. “Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.”
It remains unclear if President Trump has the legal authority to suspend payroll taxes by executive action, and the president intimated during a question-and-answer session with reporters Saturday that he is expecting a lawsuit to challenge his move.