Opinion: Trump's payroll tax cut would hurt Social Security without helping workers

[Yo_Mama_Been_Loggin]

It’s natural for decision-makers grappling with a new crisis to dust off ideas tried in the last one, whether they were good ideas or bad. Here’s a bad idea, unearthed by President Trump from a decade ago: Cutting the payroll tax to goose the economy.

A payroll tax cut was part of the arsenal used by President Obama to fight the Great Recession in 2011. It was a bad idea then, and a bad idea now.

In remarks at a press conference Monday, Trump mentioned a payroll tax cut as a possible component of a stimulus plan to counteract a coronavirus-related economic slump. As of this writing, the administration hasn’t released any details.

Regardless of how it’s designed, however, a payroll tax cut would be poorly targeted, delivering the most help to households least in need. It would have only a diluted impact over time. And it would undermine Social Security, the program most dependent on the payroll tax.

https://www.msn.com/en-us/money/taxes/opinion-trumps-payroll-tax-cut-would-hurt-social-security-without-helping-workers/ar-BB110NJE?li=BBnbfcN&ocid=hplocalnews

[mjvpi]

1. You have to make a lot of money before a payroll tax break would make any significant difference.

The problem is that gig workers won't be making paychecks to pay the 17.5%(?) payroll tax.

[magicarpet]

2. By design,...

Put the payroll tax on a holiday,...

# Save the employers their kick in %.

# Give a little minuscule amount to workers pay checks.

*****# Leave in place and bankrupt Social Security sooner to dump the whole program. Then dump and trash Medicare and Medicaid. Down the road the Rethugs claim the Social Security tax holiday was done by bipartisan vote, so bankrupting Social Security was a bipartisan endeavor.

[SunSeeker]

3. Workers should get a check like the farmers got.

Trump is just trying to hurt Social Security.

[shadowmayor]

4. Opinion??

How about fact!

[Rebl2]

5. When you

participate in flex spending, it will effect how much social security you will get in the future. That’s what my husband was told many years ago by his employer (post office). That was probably at least 20 years ago. We participated for one year and then stopped after finding that out.