On the recordMarch 18, 2003
Presumably payroll taxes, which each individual who is working pays into the Social Security and Medicare trust funds, are designed so that people invest in receiving guaranteed benefits--in the case of Social Security--relative to what they expect will be there. Is it true, or am I analyzing this properly, that we are now potentially, given the kind of framework of the budget outlay before us today, using payroll taxes that people were expecting to be used to build up the Social Security trust fund and Medicare trust fund, to be made available to cut taxes, maybe even dividend taxes for those who may be doing well already in society? We are using payroll taxes to indirectly fund the tax cuts being proposed or allowed in the budget resolution?
Source
govinfo.gov
