Social Security will run out by 2023.

As of now, there is no plan proposed to change the tax rate paid by employers, employees, and self-employed individuals to zero percent.

As of now, there is no plan proposed to change the tax rate paid by employers, employees, and self-employed individuals to zero percent.A Biden campaign TV advertisement claims that a government analysis of President Donald Trump’s plans to cut taxes would permanently deplete the Social Security funds by 2023. However, this claim is exaggerated. Chief Actuary of the Social Security Administration Stephen Goss had sent a letter to Democratic senators with an analysis of a 'hypothetical' plan that would completely cut the payroll tax, without replacing the fund. The Trump administration proposed no such plan.

In response to the letter written by four Democratic senators, Goss said that if zero percent tax is made applicable without an alternative source to replace the funds, social security could run out by 2023. Moreover, he also mentioned that it is hypothetical legislation.

On Aug. 10, 2020, in a press briefing, President Donald Trump said that cutting the payroll tax has zero impact on social security as the government will reimburse through the general fund. He said the same in an exclusive interview on Fox News conducted by Steve Hilton. In an interview on Sept. 8, 2020, with CBS12 News in Florida, Trump said there might be a payroll tax cut if he wins a second term. He did not mention eliminating the tax.

Trump remarks suggest that he wants a fully funded Social Security program, but he does not want the taxes that pay for it. He insists that the money would be replaced with general funds.