President Trump Has a Great Idea About Social Security—Really

Donald Trump sure looks tired these days, doesn't he?Jim Loscalzo/CNP via ZUMA

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A few days ago President Trump held a rambling press conference in which he promised to do something about Social Security taxes. He’s already signed an executive action that (if it passes muster in the courts) would defer all payroll taxes through December but then require them to be paid back in a lump sum in January. So one thing he wants to do is forgive the repayment. But then there was more. Trump started to blather about “extending” the payroll tax deferral. Finally, apparently unable to stop himself, he went further and promised to permanently reduce or even terminate the payroll tax. Later in the day, his campaign made that promise explicit:

As with most things, your best bet in this case is to ignore everything Trump says. It’s just meaningless chatter that even Trump himself probably doesn’t understand. But guess what? In this case, he’s accidentally stumbled onto a great idea.

You see, we should terminate the payroll tax. It’s regressive, it’s pointless, and it long ago stopped serving its original purpose. We should get rid of it and simply fund Social Security out of general tax revenues, just like everything else. Why should it have a less reliable funding source than the Pentagon, after all?

So that’s that. Get rid of the payroll tax and increase the personal and corporate income taxes to make up the revenue. At the same time, we can make a bonfire out of the bonds in the Social Security trust fund, televised on national TV for everyone to see. There would be no more ridiculous talk about Social Security “going bankrupt” or endless arguments about whether the trust fund is “real” or “fully funded over the 75-year window.” When it’s all over, we’d pay for Social Security (and Medicare) the same way everything else is paid for: through general purpose taxes. This would save Social Security and Medicare and ensure their full funding forever.

It’s too bad this was just Trump blather. If he were serious about it, it would have been a great idea.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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