Should Congress pass Trump's payroll tax cut proposal?

[I spent the winter writing songs about getting better]

Haha nope. F[inks] off Trump.

[Hammy]

What'd I tell everyone months ago? Now that the economy is imploding Trump is laying his trap so that when the inevitable happens he can blame it on the Dems for not backing his nonsense.

[True Federalist (진정한 연방 주의자)]

No. It's too blunt a fiscal stimulus, and given the source I'd think it's intended more to cripple the Social Security trust funds in the long term as a prelude to privatizing Social Security than because it would have any short term benefit.

[Progressive Pessimist]

It's a bandage at best that will cause bigger problems in the future. If Trump really wanted to come up with a policy that would address economic and health problems at the same time, he would propose a national paid sick leave policy, but he is too simple-minded to realize that. I really hope Biden and Sanders emphasize the nation's need for it and their own plans for one.

[KaiserDave]

Not as bad as Elizabeth Warren

[courts]

i don't think so

[Amenhotep Bakari-Sellers]

Entitlement reform will wait until Joe Biden is sworn in, Trump wants to give more tax cuts to the wealthy and cuts to social security, while he remains in office

[GP270watch]

 Bernie and Warren were talking about bailing out student loan debt and attacked savagely for it. With media and pundits demanding how they'd pay for it.

 We're about to throw trillions away on shale bailouts, airline bailouts, hospitality bailout(Trump still owns hotels-conflict of interest) ineffective tax cuts, and boneheaded monetary policy if Trump gets his way. How are we going to pay for any of that?

[Absentee Voting Ghost of Ruin]

They should offer to pass it if they can offset the costs by having Trump resign, saving the government millions in security and kickbacks.

[Person Man]

No thanks.

[🐒Gods of Prosperity🔱🐲💸]

Yes. I'm not really into having a recession atm.

[McNukes™ #NYCMMWasAHero]

They should offer to pass it if they can offset the costs by having Trump resign, saving the government millions in security and kickbacks.

Can you provide some proof that having Trump out of office would save more than one trillion dollars per year?

[Beefalow and the Consumer]

Details of the cut? How much money into the typical consumer's pocket? What will it cost? OMB analysis?

Every large gathering of people, and the economic activity created by those gatherings, has been shut down until further notice. Bars and restaurants here in downtown Indy just lost the traffic from the Big Ten Tournament, and will receive the double-whammy of locals staying at home to avoid the virus. Giving Americans $25 more a paycheck isn't going to fix that.

[7,052,770]

No, they should pass Universal Basic Income instead to help more people.

[dead0man]

This would be dumber than bailing out the hotels....which is way dumber than bailing out the auto industry and that was idiotic.

[PSOL]

I’d be fine with this if they found another revenue stream to put in place, of which they won’t.

F my future retirement plans. Now my Social Security plan will be nonexistant.

[pbrower2a]

Should the current bear market prove to be far worse than a correction of excessive exuberance in the markets, then the Democratic President will be in a better position for offering a strong stimulus. Trump's tiny payroll tax cut (maybe you will be able to buy another can of soup every week) will not be enough.

America has done as much as it can for the super-rich since Trump has become President except to consign workers to serfdom.

[Obama-Biden Democrat]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

[Amenhotep Bakari-Sellers]

Pelosi is Speaker and she isnt moving on anything major until Biden is sworn in as Prez and Dems have a filibusterless Senate 51/50

[🐒Gods of Prosperity🔱🐲💸]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

[7,052,770]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

Not all of them. The unemployed get nothing. The stay-at-home parents get nothing. The underemployed and gig workers don't get much.

[🐒Gods of Prosperity🔱🐲💸]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

Not all of them. The unemployed get nothing. The stay-at-home parents get nothing. The underemployed and gig workers don't get much.

Suspending the payroll tax would allow more businesses to avoid laying off large numbers of people or failing altogether.  That means the prospect for the unemployed and underemployed to be hired is much better than otherwise.  And a stay-at-home parent probably has a spouse who would like to keep their job.

[Del Tachi]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

Not all of them. The unemployed get nothing. The stay-at-home parents get nothing. The underemployed and gig workers don't get much.

The underemployed and gig workers pay FICA taxes that are a much higher % of their total income than middle class or wealthy types.

[True Federalist (진정한 연방 주의자)]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

Not all of them. The unemployed get nothing. The stay-at-home parents get nothing. The underemployed and gig workers don't get much.

Suspending the payroll tax would allow more businesses to avoid laying off large numbers of people or failing altogether.  That means the prospect for the unemployed and underemployed to be hired is much better than otherwise.  And a stay-at-home parent probably has a spouse who would like to keep their job.

Payroll taxes are a small part of labor costs. Plus, the way the unemployment tax system works, it encourages employers to ignore brief interruptions in demand. (If you layoff employees and they collect unemployment, your unemployment tax rate goes up.)

[Beefalow and the Consumer]

We are lucky that Democrats took back the House in 2018. Trump's tax cuts for his 1% and gutting Medicare, Medicaid and Social Security will never happen with Pelosi as speaker.

payroll tax cuts aren't for "the 1%."  The benefit goes to the poor and middle class and the people who employ them.

Not all of them. The unemployed get nothing. The stay-at-home parents get nothing. The underemployed and gig workers don't get much.

Suspending the payroll tax would allow more businesses to avoid laying off large numbers of people or failing altogether.  That means the prospect for the unemployed and underemployed to be hired is much better than otherwise.  And a stay-at-home parent probably has a spouse who would like to keep their job.

My current concern is not people losing their jobs, it's the people who simply don't get paid when there's no business. Gig workers and tipped employees. A tax cut doesn't help you when you're working 12 hours and getting paid $25 for your efforts.