Washington (CNN) Eliminating the payroll tax could deplete the Social Security trust fund within three years if there's no alternative source of revenue, according to the agency's chief actuary. "We will be, on the assumption I win, we are going to be terminating the payroll tax after the beginning of the new year," Trump said earlier this month , adding that it would save families thousands of dollars. Only Congress could eliminate the payroll tax, and there's little support for it right now on either side of the aisle. Trump claims that eliminating the tax would have no impact on Social Security, though, because the money would be shifted from the government's general fund. The actuary's analysis was based on hypothetical legislation that would not take money from the general fund.

Source: CNN August 25, 2020 00:22 UTC