government while doing little to help the over 30 million who have filed for unemployment in the past six weeks.
But since payroll taxes are deducted from employees' earnings, those who aren't taking home a paycheck -- including the 3.8 million who filed for unemployment benefits for the first time last week -- wouldn't see any uptick in income. Many experts said that in addition to putting nothing back into the pockets of those who suddenly have no cash flow, the suspension wouldn't do much to spur hiring.
"If you look at the 2009, 2 percentage points payroll tax cut under the Obama administration, the evidence bears out that most of that federal tax cut was saved by consumers," Watson said. Vermont Sen. Bernie Sanders tweeted the idea of a payroll tax cut was"pathetic" on Tuesday, advocating instead for a universal basic income.
Trump has both threatened to make cuts to Social Security and promised to"save" the program in the past, but his repeated endorsements of suspending payroll taxes has increased anxiety on the left. In early April, he said he would be pushing for the policy change regardless of circumstance, and he floated the cuts last August to offset a comparatively mild period of economic turbulence.
BIG lesson here for all the freewheeling millennials. I DON'T WANT TO SUPPORT YOUR FANCY LIFESTYLE! you are 30 days from homeless cause you don't save $$ - now you must pay the piper. Too bad POTUS has a heart big as the USA. Me? YOU LOSE!
How is this going to benefit anyone? Does he know what payroll taxes are?
It will not help unemployment all it does is threaten social security.
But I am sure he helped himself with the stimulus money
Because this is meant to assist companies
Where are your last 10 years of taxes you said you were going to show after 6 months of being in the WH. It’s going on 4 years. No tax records released yet Trump.
Propaganda leftist news
To Trump: You don't need to worry about Payroll tax, 'We Don't Have Jobs' - DUH! experts said those cuts may come with a big price tag for the federal government while doing 'Little To Help'the over 30 million who have filed for unemployment in the past six weeks.
This is also likely to hurt people who rely on Social Secutity, Medicare, Medicaid etc.
It will if those who are unemployed get their jobs back and that is the point of it.
Not to mention perhaps being an unwitting back door to call for 'complete and final' denationalisation of SocialSecurity in the name of Industry, Self-Reliance, Personal Responsibility, Thrift (based on Cash Economy) and A Wholesome and Simple Home Life.
this means it will work
I agree with TRUMP!
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