Trump Payroll Tax Cut Plan
Trump wants to put money into economy.
Trump payroll tax cut plan. If you want to boost the economy right now a payroll tax cut is simply a suboptimal way to do it. Trump proposes eliminating payroll tax through the end of the year the president s preferred timeline would ensure that the tax cut lasts through the entirety of his re election campaign. The most obvious problem is that it simply helps the wrong workers.
Trump has proposed a payroll tax cut to shore up an economy that s being battered by the coronavirus on wednesday evening. Treasury secretary steven mnuchin says president trump is very interested in the payroll tax cut because it is a giant stimulus. Trump s payroll tax cut plan proves a hard sell economists lawmakers say there are better alternatives to the president s preferred policy for providing coronavirus relief to employers and.
According to trump however any new relief package needs to include a provision to allow workers to save 7 65 of their pay through a payroll tax cut and potentially a broader cut for employers. Senate minority leader charles schumer d n y on sunday called president donald trump s executive order on a payroll tax cut way off base in an interview on abc news this week schumer said it won t do what trump intends to put money into the economy. The plan to put more money into workers pockets.
The payroll tax cut is just way off base he charged. President donald trump said he is talking about doing a payroll tax cut through an executive action but doing so could result in hefty tax bills for employers later if the idea doesn t.