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Terminating payroll tax could end Social Security benefits in 2023, chief actuary warns

Source: nbcnews.com - Aug 26, 2020

WASHINGTON — The federal government’s ability to pay Social Security benefits could stop by mid-2023 if President Donald Trump were to permanently terminate the payroll tax and not offer another revenue source, the chief actuary of the Social Security Administration said Monday.

The chief actuary, Stephen Goss, offered the prediction in a letter to a group of Senate Democrats who requested an analysis of what would happen if the payroll tax is eliminated with no other funding stream for Social Security benefits.

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Category: General Business