August 20, 2020

Wyden, Colleagues Request Analysis from Social Security Administration on the Impact of Eliminating the Payroll Tax

Washington, D.C. – U.S. Senator Ron Wyden, D-Ore., today joined colleagues in asking the Social Security Administration (SSA) to provide an analysis of the impact of eliminating the payroll tax that funds Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund and Disability Insurance (DI) Trust Fund.

In a letter to SSA Chief Actuary Stephen Goss, the senators wrote, “Specifically, what would be the implications of such legislation for revenue coming into the OASI and DI trust funds, at what point would the OASI and DI trust fund asset reserves become depleted, and how would this affect the ability to pay scheduled OASI and DI benefits on a timely basis?” 

“While we would not be supportive of this hypothetical legislation, we would like to be aware of its potential implications,” the senators noted.

In sending the letter, Wyden was joined by Sens. Chris Van Hollen, D-Md., Chuck Schumer, D-N.Y., and Bernie Sanders, I-Vt.

The full text of the letter is here.