Skip to comments.White House drops payroll tax cut after GOP allies object
Posted on 07/27/2020 5:31:48 PM PDT by where's_the_Outrage?
WASHINGTON (AP) President Donald Trump on Thursday reluctantly dropped his bid to cut Social Security payroll taxes as Republicans stumbled anew in efforts to unite around a $1 trillion COVID-19 rescue package to begin negotiations with Democrats who are seeking far more.
Frustrating new delays came as the administration scrambled to avert the cutoff next week of a $600-per-week bonus unemployment benefit that has helped prop up the economy while staving off financial disaster for millions of people thrown out of work since the coronavirus pandemic began.
Trump yielded to opposition to the payroll tax cut among his top Senate allies, claiming in a Twitter post that Democratic opposition was the reason. In fact, top Senate Republicans disliked the expensive idea in addition to opposition from Democrats for the cut in taxes that finance Social Security and Medicare.
(Excerpt) Read more at apnews.com ...
It answers were the defunding of Social Security fearmongering is coming from in a previous post:
How about a cut on SSI income? Election winner. Gummer vote.
So just give more to those not working. Dont cut pay role taxes to those working. Im opposed to all of it but damn, I am expected to pay for it.
Shame. It was a good idea
To borrow a phrase from Hillary: What difference, at this point, does it make?
Gold, silver and Bitcoin exploding as the debt piles up.
GOPe against the payroll tax cut not bc of Dem opposition, or SS or Medicare... but bc the economy would take off and help Trump
some have suggested taking advantage of recent DACA ruling, and deferring collection of the payroll tax thru executive order until after the election.
With allies like them...
Does Trump really think McConnell cares what the President wants?
> the expensive idea
Cutting taxes is “expensive”. 1984 newspeak.
Oh, for God’s sake. Republicans have absolutely no spine at all, none whatsoever—invertebrates.
Can’t give anything to people who actually work for their money.
A great idea that could have easily been defended with the right rhetoric delivered in a heartfelt manner. The White House gave up too easily. (Kushner?)
its much worse than that, the D.C. GOP are virtually all quislings....
What happens if Trump asked the Senate not to fight it out to get the payroll tax ended? Well it would not be in the bill and McConnell could use it as a bargaining chip and maybe get something for it. But what happens of gets into the bill and Pelosi sees it works and claims it. Now what happens when Trump uses a EO to order it and takes all the credit for it?
Trump cant issue an EO to cut the payroll tax, but he could probably push the tax filing delays out for months.
” the cut in taxes that finance Social Security and Medicare. “
A bald lie. Those taxes go into the general fund and get spent.
And they included another lie by omission:: payroll taxes are paid 100% by consumers.
Trump’s cut would have saved consumers money.
There is no reason to believe the savings would be passed on to the consumer.
The purpose of the payroll tax cut is to let the employee keep more of his paycheck. That will help motivate people to get back to work after theyve been collecting $600/week on top of their regular unemployment checks.
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