The latest scare tactic of the left is to tell seniors that Trump’s Social Security plan will bankrupt the program in just a few short years. This is false. And I don’t mean it’s an economic fallacy, that different economists can analyze differently and disagree on. I mean it’s just a lie which results from people taking his words out of context, and then ignoring the important parts, because there’s an election and the left wants to scare seniors. It is true that if you were to eliminate payroll taxes that Social Security would go bankrupt within a few years, but ONLY IF YOU DIDN’T PAY FOR IT SOME OTHER WAY! Trump’s plan is not simply to eliminate Social Security taxes, but to replace funding for Social Security directly from the government’s general fund. And if anything, this would be much more progressive. The 12% payroll tax that presently funds Social Security is regressive, imposed as it is on all income up to $137,000, regardless of your tax bracket. By shifting the revenue source to the general funds, which are paid for disproportionately by higher earners, the tax burden of Social Security would be moved away from the poor and middle class, and onto the wealthy. But please everyone, don’t let facts get in the way of useful lies.
