White House advisers are reportedly considering relieving employers from their obligation to contribute to Social Security in yet another misguided effort to spur the sluggish economy by cutting corporate taxes.
At a time of record profits when corporations are hoarding trillions of dollars rather than hiring, this latest “tax holiday” would eliminate billions of dollars of revenue dedicated to Social Security, even as some members of Congress calling to cut Social Security benefits because the program may have insufficient revenue after 2036.
“That the White House would even consider cutting Social Security’s funding is enormously alarming,” said Nancy Altman, Co-Director of Social Security Works. “It indicates that the White House does not take seriously the dedicated nature of worker and employer contributions to Social Security. Those contributions belong to American workers and their families. Social Security should not be treated as a piggybank or raided by politicians in Washington.”
TAKE ACTION — Please contact the White House ASAP with this message: “Trying to solve the present economic crisis by temporarily exempting employers from Social Security contributions is a direct attack on Social Security and an attack on American workers and their families. Please immediately drop consideration of this idea and seek other ways to stimulate the economy.”