-- President Donald Trump announced four executive actions on Saturday, including a temporary payroll tax deferral for some workers and continued expanded unemployment benefits, as the coronavirus pandemic continues to hobble the U.S. economy.
The “meager” policy announcements were “unworkable, weak and narrow,” and by pushing off payroll taxes for some, “endanger seniors’ Social Security and Medicare,” House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer said in a joint statement.Trump said his action authorizes the U.S. Treasury to allow companies to defer -- not suspend -- payroll taxes for Americans making less than $100,000 a year from Sept. 1 through Dec. 31.
The president said another move would provide $400 a week in jobless benefits -- down from $600 weekly that had been provided through last week, authorized by a Congressional stimulus bill in March -- and that states would be responsible for covering 25% of that cost. To act on his own, the president is relying on an expansive and controversial reading of executive power that likely will face legal challenges. Trump’s advisers say executive action could pressure Democrats to reduce their demands and allow him to argue to voters that he’s looking out for their well-being amid congressional inaction.
Story continuesDemocrats criticized the president when he threatened the move during negotiations, saying the administration would be better off returning to the bargaining table. White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin had been meeting throughout the week with Schumer and Pelosi to try to craft a deal, without success.
94 DAYS AND THIS TRUMP NIGHTMARES END STARTS..
how does the affect social security?
RT Lets also shed light on his planned cuts to Capital Gains taxes, which are designed to give WELFARE TO OUR VERY WEALTHIEST! HouseDemocrats SpeakerPelosi SenSchumer SenateDems Oppose such a CUT! MarkWarner timkaine SpanbergerVA07 ProjectLincoln
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump promises permanent cut to payroll tax funding Social Security and Medicare if he’s reelectedPresident Trump pledged on Saturday to pursue a permanent cut to the payroll taxes that fund Social Security and Medicare if he wins reelection in November. Hopefully Putting more money into tax payer hands to make their own decisions on So why doesn't he just do that right now? Dubya did it in 2001, and it didn't destroy SocSec, unemployment payments or Medicare. Why the panic about removing an unnecessary, regressive tax?
Source: washingtonpost - 🏆 95. / 72 Read more »
Coronavirus has already dealt a blow to Social Security's finances. Trump's payroll tax holiday could make it worsePres. Trump's push for a payroll tax holiday could leave Social Security and Medicare on even shakier ground. Their finances have long been troubled; Coronavirus-induced layoffs have slashed the amount of payroll tax revenue going into their trust funds. What good is a “payroll” tax deduction to Democrats?🤣 Have you ever considered just, I dunno, reporting the news without including leftist talking points? That’s their plan
Source: CNN - 🏆 4. / 95 Read more »
Trump wants to scrap payroll taxes that fund Social Security, Medicare - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Support Trump HOG WASH The best way to kill the government leviathan is to starve it. Any tax cut is a good thing. Conversely, I’m getting tired of, because of my household income, not being a beneficiary of any of them...nor any so-called “stimulus.” Typical redistributionary scheme.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Dems Slam Trump's Executive Actions Biden Calls Payroll Tax Cut 'A Reckless War On Social Security''The pen-and-phone theory of executive lawmaking is unconstitutional slop,' declared Republican Sen. Ben Sasse. Hey realDonaldTrump - Heard Vegas called baby and they are not happy with you destroying the economy and no one can go to the strip! Oh, and Putin wants to know how you'll handle your soon-to-be default bank loans that Russia signed? Signed, We the People wewillvote cc: GOP Dems are losing it. Constant contradictions being exposed. Divisive Dems are angry that their pork projects won’t get funding.
Source: Forbes - 🏆 394. / 53 Read more »
President Trump Orders More Unemployment Pay, a Payroll Tax DeferralTrump signed four executive orders on Saturday, contending Washington's gridlock had compelled him to act as the pandemic undermined the country's economy and imperiled his November reelection hopes. $400 a week is 10$hr . Can you live on this paying cobra? Trump Payroll tax just takes money fro Social Security, Medicare and Medicade. Your fucking money Thank you. And lied over and over and over. Get your headlines right.
Source: THR - 🏆 411. / 53 Read more »
White House Walks Back ‘Permanent’ Payroll Tax Cut Amid Social Security ConcernsOne Trump campaign advisor said the president would consider ‘terminating the payroll tax permanently,’ a proposal that would likely cause bipartisan outcry. Can we really trust a lying 🤥 clown as a leader? A conman would say anything to get votes once he’s in it’s gone Lol, big mistake to start messing around with entitlements at this stage of the election.
Source: Forbes - 🏆 394. / 53 Read more »