The payroll tax problem

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Treasury Secretary Steven Mnuchin says President Trump’s executive action to offer a temporary payroll tax deferral for those making under $104,000 per year would be “voluntary” for employers. That presents an enormously difficult decision for employers.

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— Our Jeremy B. White: “Uber’s CEO threatened … to shut down the ride-hailing service in California until the November election in response to a judge ordering the company to reclassify its drivers.

"The report from the Labor Department on Wednesday, however, probably does not mark the start of worrisome inflation, and the Federal Reserve is likely to continue pumping money into the economy to aid the recovery from the COVID-19 recession.”— WSJ’s Justin Lahart: “The Fed’s preferred inflation gauge tends to run a bit cooler than the CPI, so the risk that inflation breaches its 2 percent target anytime soon seems low.

“The July deficit brought the fiscal year-to-date deficit to $2.81 trillion, compared to $867 billion for the comparable period of 2019 and doubling the 2009 full-year record deficit of $1.4 trillion.”— Bloomberg’s Christopher Condon and Catarina Saraiva: “Two senior Federal Reserve officials lamented the U.S. failure to control the coronavirus pandemic, which stood in poor comparison with efforts in other advanced countries and was undermining the nation’s economic recovery.

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lavenderblue27 Every chance the Republicans get they will transfer more income to the rich. They care nothing about workers. They are removing liability from business owners from law suits.

Do you understand how failing to be able to give even the most elementary of guidance to employers on tax withholdings could be a destabilizing force in the economy and lead to worker anxiety and malaise?

realDonaldTrump senatemajldr MarkMeadows So the tremendous help we were going to get will be a big fat zero. Thanks for the help!!

It is remarkable just how incompetent Republican administrations have been on matters of fiscal policy, dating all the way back to Reagan. They've left fiscal policy a wreck, the rubble always left to Dems to try and clean up. So much for 'the party of fiscal responsibility'

Payroll taxes fund Social Security, Medicare, & unemployment insurance. What kind of jerk wants to defund social safety nets during a pandemic & record unemployment? Seriously! What kind of person thinks this is legally, morally, and economically the right thing to do?

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