I know everybody's heard it that President Trump's income tax holiday will bankrupt social security and take money away from the handicapped dependent.
It is not true since income tax and social security and medicare are a separate tax
Payroll taxes fund Medicare and Social Security.
www.foxbusiness.com
I’m curious, did you even read that article before posting about it or did you just see the headline? Either way, would you explain how your OP aligns with these paragraphs from your link?
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The payroll tax is paid separately from federal income taxes and funds
Social Security and Medicare. Employers and employees each pay 6.2 percent for Social Security and 1.45 percent for Medicare, and an additional 0.9 percent is levied on the highest earners.
It is unclear what Mnuchin means when he said Congress would keep the trust fund “topped up,” but experts have warned that reserves could be depleted earlier than expected as a result of the financial effects of the pandemic.
An
analysis conducted by researchers at the Penn Wharton Budget Model showed that Social Security is at risk of running out of funds as many as four years earlier than anticipated – in 2032 – depending on the shape of the U.S. economic recovery. Prior to the pandemic, the group had a 2036 estimate for the OASDI trust fund.
A separate analysis estimated that Social Security’s funding may run dry as soon as
2029.
A decline in payroll
taxes is expected to be primarily responsible for draining Social Security’s coffers more quickly, given the dramatic rise in unemployment numbers. Unemployment compensation is not subject to payroll taxes. Deferring, and forgiving, payroll taxes may accelerate the timeline.