Why Trump isn't getting the payroll-tax cut he wanted for the coronavirus
One thing President Trump has been consistent about in his coronavirus response is that he wants Congress to cut payroll taxes for all Americans and employers until the end of the year. He mentioned it in his national address Wednesday and tweeted about it Friday, and The Washington Post reports it was a reason a coronavirus aid package was held up in Congress for much of the week.
But the one thing both parties in Congress immediately agreed on is they don’t want to give it to him. Why? On the surface, it sounds nice: More money in Americans’ and employers’ pockets to help stem a nosediving stock market and an economy that soon will feel the weight of cancellations everywhere, and is possibly already in a recession.
But Congress says it’s an expensive, unrealistic effort that could paper over the real economic struggles that the coronavirus brings to Americans. Here’s why Trump didn’t get his payroll-tax cut in this round of legislation and probably won’t:
Any tax break on paychecks would come out of the Social Security fund: That would risk seriously denting it or even depleting it, meaning people who depend on their Social Security check each month might not get it in a worst-case scenario. That’s the primary reason Republicans oppose a cut, said a senior Republican Senate aide.
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https://www.msn.com/en-us/news/politics/analysis-why-trump-isnt-getting-the-payroll-tax-cut-he-wanted-for-the-coronavirus/ar-BB11beFq?li=BBnb7Kz
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