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It's not about helping Trump or not. It's a bad idea in general. The Trust Funds are just now no longer running at a surplus and the plan is to cut out about 800 billion dollars this year from inflows? Yeah that won't cause any issues in the future...
Like most of Trump's plans, they're shortsighted and not well considered. He's just concerned with whether it makes the stock market better or not.
Even the Republicans think it's a bad idea. "Republican senators have reportedly been skeptical of a payroll tax cut, which has been pushed by Peter Navarro, one of Trump’s leading advisors on trade policy." So you can knock it off as if this is political. But then you would have had to bother reading the article...
Right, my comment wasn't about it being a good or bad idea. It has no chance either way. The house will not be working for the American people anytime soon. Their priorities are elsewhere. I've spent way too many hours watching reps in different hearings before coming to that conclusion.
Unrestricted printing will continue to cause issues now and in the future, regardless of tax revenue.
Shortsighted is an understatement. Propping up an industry that is not profitable (shale) is a terrible idea and would only benefit a handful of people.
I didn't pull the re-election help part out of nowhere. "Trump, who faces a bitter reelection fight this year, mentioned the possibility of a payroll tax cut Monday evening." Most of the article is "political"...
>I didn't pull the re-election help part out of nowhere. "Trump, who faces a bitter reelection fight this year, mentioned the possibility of a payroll tax cut Monday evening." Most of the article is "political"...
The reason I said to stop making it political is because you phrased your first statement as if the 0% payroll tax was being rejected was because Trump proposed it, not because it's a bad idea.
>The house will not be working for the American people anytime soon.
So then I assume you're ignoring that they've suggested a bunch of policies that would be financial useful to people during the pandemic and are actually supported by economists?
>Unrestricted printing will continue to cause issues now and in the future, regardless of tax revenue.
Keep telling yourself that the govt is printing money and that it creates most of the money in the economy. Until you realize that isn't the case you'll miss where the problem actually exists.
Hmm yeah defintely the House is the problem here: https://www.cnbc.com/2020/03/12/coronavirus-house-republicans-come-out-against-bill-ahead-of-vote.html
Pretty sure it's a specific party.
I just like watching one party argue against giving the poorest workers a 7.65% raise, giving struggling businesses a 7.65% increase of their labor budget to do something other than pay taxes, and raising the debt ceiling to take of the seniors and the sick.
Are you kidding? payroll taxes are not making up for government spending for decades. Federal debt doesn't matter anymore, it's not payable anyway, and we all know that. Whether we are $23T or $500T is debt, who cares? do you ? This system is a walking zombie anyways so, while you can use this garbage fiat to buy things that hold value, you have more time to accumulate, so I'm happy with what he did, and I will be buying more things like Bitcoin, Gold, Silver, Tools etc.
>Federal debt doesn't matter anymore, it's not payable anyway, and we all know that
The entire US has around $270 trillion in assets and around $123 trillion in debt. The govt can pay its debts if it wants to, through confiscation or taxation. Also when you cite the debt, the amount the country owes to other members of the country is irrelevant. That's a transfer payment inside the country. All that actually matters is what is owed outside (\~6 trillion).
"The federal government levies payroll taxes on wages and self-employment income and uses most of the revenue to fund Social Security, Medicare, and other social insurance benefits. Payroll taxes have become an increasingly important part of the federal budget over time, as the chart below shows. In fiscal year 2018, federal payroll taxes generated $1.17 trillion, which amounts to 5.8 percent of the nation’s gross domestic product (GDP), or 35.2 percent of all federal revenues."
An interesting idea, basically the Coronavirus seems to be affecting older folks more than anyone is terms of deathtoll, the payroll Tax is mostly used to pay for Medicare and Social Security. It is rather grim but also realistic to say that projections for the cost of Medicare and Social Security will go down slightly due to the deaths of Coronavirus.
As the link above says, this policy would cost 1.17 Trillion based on 2018 numbers, someone probably can find more updated number. It is definitely not possible on a permanent basis unless you are talking about entitlement reforms, which I am uninterested in discussing as the well being of Americans is paramount to me.
It is also safe to say that this bill, if it ever were to pass will also be watered down a whole lot, reducing the cost. The coronavirus won't have much of an effect on American by itself, it is the over-reaction and the economic cost to it that is quite dangerous.
I think this is an interesting idea that has a minimal cost attached to it.
"Payroll Taxes Have Larger Impact on Lower-Income People
Payroll taxes are regressive: low- and moderate-income taxpayers pay more of their incomes in payroll tax than do high-income people, on average. The bottom fifth of households will pay an average of 6.9 percent of their incomes in payroll tax in 2019, according to Tax Policy Center estimates, while the top fifth will pay 5.9 percent and the top 1 percent of households will pay just 2.3 percent. These figures include the employer and employee shares of the payroll tax."
You've heard essentially what you want. Me and my friends joke about how this will finally get boomers out of the workforce, or that social security will get a load off it's back. But a vaccine is 2 years out, if we even need it. And the death rate of the elderly is only 8-10% so it isn't this plague that everyone thinks it is.
These taxes fund Medicare and Social Security which his administration and the GOP wants to cut back. Although reducing payroll taxes would be helpful to businesses, these programs may be necessary to help citizens infected or displaced by COVID-19. Medicare may need a buff to compensate for strain on the program if only for testing while those of retirement age (and more likely to be impacted by the virus) might opt to leave the workforce during this period and start drawing on their entitlements like Social Security. They have been paying into it their entire lives, they are entitled to now draw on those benefits.