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Former president barack obama previously reduced the taxes paid by.
What is payroll tax cut trump. Trump has not elaborated on how large a payroll tax cut would be. The white house reluctantly dropped its bid to cut social security payroll taxes thursday as republicans unveil a 1 trillion covid 19 rescue package. Does it make economic sense.
Payroll tax cuts could be in the next round of coronavirus aid legislation if president donald trump gets his way. In fact as early as march 2 trump proposed a payroll tax cut and on march 10 trump was promoting eliminating the payroll tax entirely through the end of the year. 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.
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. Vice president mike pence reiterated the administration s support for the idea. Trump backs down on payroll tax cut ap.
If trump were to pass a payroll tax cut he would not be the first president to do so.
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