President TrumpDonald John TrumpdHS has expanded personnel authority to collect information about people threatening memorials: GOP signs Trump’s payroll-tax cuts in Republican coronovirus bill – for now Trump has Portland has threatened to double in other major cities. Is renewing its push for payroll-tax cuts to be part of the next coronovirus relief package, adding a wrinkle to upcoming negotiations.
Last week, Trump insisted that payroll-tax relief is one of his top legislative priorities. But lawmakers on both sides of the aisle are not enthusiastic about the idea, while many economists argue that it may not be an effective way to provide relief to American families during the coronovirus epidemic.
During remarks Monday in the Oval Office, Trump said that payroll-tax cuts are “very important.” He also called it a win-win situation for workers and employers.
“It’s a big savings for people,” he said. “It’s a tremendous savings, and I think it’s an incentive for companies to put their workers back and keep their workers.”
Trump said the tax cut is one of several elements Congress and the administration are discussing as they expect the final COVID-19 relief bill to be in place before Election Day.
In an interview with Fox News aired on Sunday, Trump reported Chris wallaceChristopher (Chris) Wallaceite House, Senate GOP Conflict Over Trial Funds Overnight Defense: The House Insurance Act approves amendments to the Defense Policy Bill on Nuclear Testing. Defense spending bill for next week’s House vote. Afghan peace elusive chief Trump passes photo of himself wearing mask after Taliban deal If he does not sign the relief package in the law, it does not include his desired tax deduction.
“I’ll have to see, but yes, I would consider signing it if we don’t have payroll-tax cuts,” Trump said.
The coronovirus relief bill is expected to be discussed next week, as lawmakers return to Washington after a two-week, four-July holiday.
Treasurer Steven MnuchinSteven Turner MnuchinGOP signs Trump’s payroll-tax cuts in Republican coronavirus bill – Now for the White House, Senate GOP shows GOP eyes over billions in coronovirus schools to test funds And White House chief of staff Mark meadowsMark Randall Meadowsgop has hinted at Trump’s payroll-tax cuts in the Republican Coronavirus bill – now for the White House, the Senate GOP has banned the testing of funds. The coronovirus package has more than a billion GOP eyes for schools He plans to have a meeting with Senate Republicans on Tuesday to discuss his plan.
Senate Leader Mitch McConnellAddison (Mitch) Michelle McConnellgop signs Trump’s payroll-tax cuts in Republican Coronavirus bill – now for the White House, a clash over Senate GOP test funds Senate confirmed Trump should have OMB director (R-Ky.) Said Monday afternoon that the GOP senator “will put forward a strong starting point for additional recovery legislation, with hopes as soon as this week.”
There is pressure on lawmakers and the administration to act quickly. Increased unemployment benefits are scheduled to expire at the end of the month, and the legislature will become increasingly difficult almost as soon as the November elections close.
Trump has been pushing for payroll-tax cuts during the epidemic, but each previous relief package has decreased.
The $ 2.2 trillion coronavirus relief law that Trump implemented on March 27 included payroll-tax relief for employers, but not employees. The law allows employers to pay their share of the Social Security payroll tax, and it creates a redeemable payroll-tax credit for certain wage businesses that pay their employees.
Employees and employers each pay 6.2 percent of Social Security wages as wages, and Medicare payroll taxes of 1.45 percent.
Lawmakers and the administration are re-enacting a payroll-tax deduction for Trump employees, with their focus on an additional coronavirus relief measure.
But the idea still faces criticism from some top GOP lawmakers, including the chairman of the Senate Finance Committee Chuck GrassleyCharles (Chuck) Ernest Grasslegop signs payroll-tax cuts in Trump’s Republican Coronavirus bill – now Trump’s push for payroll tax cuts. GOP pushback Graham released newly-formed documents in Russia’s investigation (Iowa), who said on Monday that payroll-tax cuts would create a “public relations problem” because it would be considered a detriment to the Social Security Trust Fund.
Sen John cornynJohn Cornintia Party conservative Alan West employs Trump’s push for payroll tax cuts to guide Texas GOP through the 2020 elections. GOP pushback Planned Parenthood Six-figure advertisement on COOID-19 bill destroying vulnerable GOP senators Launched the campaign. (R-Texas), McConnell’s advisor, warned that a payroll-tax deduction would be “problematic”.
“I think it’s problematic, because obviously the trust funds for Social Security and Medicare are already on the way to bankruptcy,” Cornier said. “I’m not a fan.”
Additionally, any coronavirus package would require bipartisan support to become law, and Democrats would continue to oppose the idea of payroll-tax cuts. They point out that such a move will not provide relief to the millions of Americans who are unemployed.
“A payroll tax cut does not help those who are not on payroll,” Sen. Kamala HarrisKamala Devi Harrisdomocratus called for McConnell to bring the Voting Rights Act in honor of Lewis Nation, lamenting the death of John Lewis: ‘One of the greatest heroes in American history’ Hillican Valley: Russian vaccine headlines with research attack . Twitter says 130 accounts targeted in this week’s cyber attack | CBP investigation into racist, sexist Facebook group MORE, four fired, dozens suspended (D-California.) Tweeted on Monday.
Trump’s faction has the support of some Republican lawmakers as well as famous conservatives Stephen mooreStephen MooreStephen Moore optimistic about the economy: ‘It was a good week’ Sunday show – Coronovirus resurgence Trump economist says voting for Biden is more of a ‘scary proposal’, Which advised the President’s 2016 campaign. He argues that this will help encourage people to return to work.
Trump, in a encouraging sign for House Minority Leader Kevin McCarthyThe Kevin Owen McCarthy GOP has hinted at Trump’s payroll-tax cuts in the Republican coronavirus bill – now pushed for Trump’s payroll tax cuts. (R-California.) Told reporters Monday that payroll-tax cuts would be a part of the Republican proposal.
Moore said he thinks Republicans are “really rallying around the idea.”
However, many economic policy experts across the ideological spectrum argue that payroll-tax cuts would not be the best way to help people in need.
“There are a lot more effective things that should be done and done,” said Chris Cox, a senior tax policy analyst at the left-leaning center on budget and policy priorities. He said better options include enhanced unemployment insurance, expanding the Supplemental Nutrition Assistance Program and providing financial relief to the states.
Right-leaning American Action Forum president Douglas Holtz-Eakin said year-end payroll tax leave would not do much to increase hiring because hiring is a long-term decision.
Leaning to the right Kelly Pomerleau, a fellow at the American Enterprise Institute, said the payroll tax cuts would “undermine the Social Security Trust Fund and the Medicare Trust Fund.” He said the federal government could transfer money from the general fund to the trust fund, but said such a move is a bad fiscal policy because “it breaks the link between tax and profit.”
Since the passage of his 2017 tax-cut law, Trump has been interested in passing additional tax cuts. The law of 2017 did not win over the majority of voters, and the president is now escalating economic attacks on the Democratic presidential candidate who considers his economic attacks Joe BidenCongress has scheduled to demonstrate on the Coronav relief law: Joe BidenBiden vows to fight back against foreign intervention efforts if elected on funds. Unemployed claims raise stakes in fight over COVID-19 aid | The S&P 500 erased 2020 losses Biden initially vowed to overturn Trump’s travel ban on majority Muslim countries.
When asked about Trump’s plans in a press call last week hosting the presidential campaign, Vice President Pence noted the president’s interest in payroll-tax cuts.
“A payroll-tax cut put money in Americans’ pockets,” Pence said.
Whether the next package includes payroll-tax cuts may depend on many other factors, including resolution of other controversial issues.
Mark Gerson, a former congressional tax aide who now leads the government affairs practice at Miller & Chevalier, said the amount of tax relief in the bill depends on the overall size of the package and how the measure treats others Issues such as unemployment insurance, assistance to state and local governments, and liability protection for businesses.
“A payroll-tax cut, even if it is only on the employee side, could potentially be very expensive,” he said.
Juligress Brufke and Jordan Carney contributed.