So why CUT the tax? Maybe the politicians woke up, that every time you raise the SS tax on anyone, you raise the amount that is supposedly owed to them via the SS system. Reduce the SS tax, and reduce the promised payment.
Unless they’re also going to cut SS outgo though, they’re going to have to withdraw some money from the “trust fund”. Payments from the trust fund come out of general revenues… income tax increases, or more borrowing, or actual cuts… somewhere…
Ah, and remember to approach your employer… a 2% drop in your side, might just mean a 2% drop in the employer side of the SS tax (that never shows up on your pay stub). If the employer side is also dropping, you might want to find out what’s happening to it…