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

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

NBC News reports:

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.

If that were to happen in January of next year, the Social Security Administration estimates that the Disability Insurance (DI) Trust Fund “asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter,” Goss said. [Continue reading…]

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