Trump confirms he's considering a payroll tax cut amid mounting economic concerns
Source: Washington Post
President Trump on Tuesday confirmed that he is considering whether to push for a temporary payroll tax cut amid mounting concerns about an economic slowdown, rebutting numerous White House officials who had insisted that such an idea was not under review.
Trumps remarks came one day after The Washington Post reported that several senior White House officials had begun discussing such a move.
Payroll tax is something that we think about, and a lot of people would like to see that, and that very much affects the workers of our country, Trump said Tuesday during an exchange with reporters at the White House.
The White House had previously disputed that a payroll tax was under consideration. But Trump said it is something he has considered, as well as other ideas, such as broadening capital gains tax benefits for many investors.
Read more: https://www.washingtonpost.com/politics/trump-confirms-hes-considering-a-payroll-tax-cut-amid-mounting-economic-concerns/2019/08/20/2c97e500-c37a-11e9-9986-1fb3e4397be4_story.html
klook
(12,151 posts)THAT'S what they want to cut. Only at the end of this article do we see that clarified. This dovetails nicely with the Republican wet dream of bankrupting Social Security.
Bastards!
(Yes, I remember when the Obama administration instituted a temporary "payroll tax cut," but that was a desperation move when the economy was trying to crawl out of the Bush II recession.)
progree
(10,889 posts)solvency of S.S. was not at all affected.
The only problem with something like that is one can never claim that S.S. is entirely funded with dedicated payroll taxes (and income taxes many/most people pay on their S.S. benefits), given that a bit of it was funded from general revenues for these 2 years. But it's a minor quibble in my mind.
But if we keep doing that kind of thing going forward (paying some S.S. benefits from general revenues above and beyond what the general fund pays to S.S. to redeem the S.S. trust fund bonds), then it would be incorrect and dishonest to claim that S.S. is ALL funded from dedicated payroll taxes and that S.S. doesn't affect the national deficit or the national debt.
broiles
(1,367 posts)The payroll tax funds both.
DrToast
(6,414 posts)The Payroll tax determines how much money people get back. But the funds are reimbursed by the US general fund. The Medicare are SS funds are not financially hurt because of this.
Obviously the devils are in the details, but if its the same methodology as when Obama did it (and thats the only way we should even consider it), it does not harm the SS/Medicare fund.
demigoddess
(6,640 posts)takes money out of other taxes, that it is the socialism that all those republicans are so afraid of. That is what they want to do, attack social security and medicare.
bucolic_frolic
(43,024 posts)but Trump can't figure that one out
duforsure
(11,884 posts)To maybe go into a trump depression. He thinks driving the deficits up trillions more is making the economy better, but he's claimed bankruptcy how many times, and he wants people to believe him now? Is he intentionally driving this country and our economy in a spiral downward for Putin? It's looking like it more each day.
noneof_theabove
(410 posts)Here is a real get it done this week tax cut [ except for rich douche bags ].
FIETS - Financial Ingress Egress Tax System
you can down load a pdf from here wap3.com/fiets.pdf
Ingress money into your account immediately taxed 1%
Egress money going out of you account immediately taxed 1%
NO IRS, HR BLOCK, 80000 pages of tax law, THIS IS A MODERN SYSTEM.
NO EXEMPTIONS -- EVERYONE PAYS THE SAME -- Facebook, Trump, Bill Gates......get the picture
You employer will pay 1%, they pay not take it from you, WAY LESS THAN THEY PAY NOW.
Your account will be dinged 1% when deposited, $1000 pay is no $990 usable money.
If you "save" your money, there is no tax until it is moved out.
So you make $50,000 a year
In 2013 [what I have handy]:
Single = $8,435
Married = $6,611
FIETS = $1,000 [if you spent everything - otherwise a bit less]
So a family gets and immediate [no payroll withholding] $6,611 - $1,000 = $5,611 yr OR $467.58
That is a REAL TAX CUT
Here is the income to the government
$26 Trillion [$26,000,000,000,000]
So
Education payed for
Vets taken care of
Elder taken care of
Social Security SAFE !
Infrastructure [killer bridges] get fixed
Military funded [except for stupid parades for politicians]
.....get the picture
More in the document, but if you get please send it to your congress critters with a nice letter
Disclaimer: I hold a copyright on this concept, and want nothing more that to see it work before my liver cancer takes me out.
VarryOn
(2,343 posts)something needs to happen. "Do something" applies here, too.
I don't know if a payroll tax cut would work or not, but it seems it couldn't hurt if it were temporary. But, this late in the year wouldn't generate anything from a lot taxpayers. Many have hit the limit whereby they arent having SS deducted until the new year.