Sign at the Social Security building in Baltimore. (Photo: Bloomberg)
If the payroll tax were eliminated with no alternative source of revenue enacted, the Social Security Disability Insurance (DI) Trust Fund would become "permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter," according to Social Security Actuary Stephen Goss.
In a Tuesday letter to Sens. Chris Van Hollen, D-Md.; Chuck Schumer, D-N.Y.; Ron Wyden, D-Ore.; and Bernie Sanders, I-Vt.; Goss added that the Old Age and Survivors Insurance (OASI) Trust Fund "and Trust Fund reserves would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
