Payroll tax cut won’t affect Social Security

Have you been as confused as I about the effect of payroll tax cuts on the Social Security Trust Fund? Most of the political media and congressmen wrongly give the impression that the payroll tax cut is depleting the Trust Fund.

To get the straight scoop on this issue, I found a Dec. 6, 2011, letter (www.ssa.gov/oact/

solvency/RCasey_

20111206.pdf) by Trust Fund Chief Actuary Stephen C. Goss to Secretary of the Treasury Timothy Geithner. It states that the projected level of the fund would be unaffected by enactment of the payroll tax cut provision. He states the bill provides for the transfer of revenue from the General Fund of the Treasury to the Old Age Security Insurance and Disability Insurance Trust Funds so the total revenue for the trust funds would be unaffected by this provision.

So those who are paying into Social Security now will have full benefits when they retire.

Leland Belden

Alburnett