A payroll tax cut?

[Brainstormy]

Help me with this. The pResident is considering a payroll tax cut to (somehow) address the Coronovirus outbreak. But aren't payroll taxes used to fund Social Security and Medicare? And won't depleting these funds give the Republicans more ammunition to overhaul these programs which they're dying to cut anyway. Privatizing Social Security, for example. And wouldn't lifting the cap on SS, so the richer pay more and the fund is preserved, bring in more money that could be targeted for specific CoVid19 relief? Maybe I'm just stupid.

[Zoonart]

1. BINGO.

We have a BINGO... absolutely right. Back door cuts to entitlements!... in a national emergency.
CUT THE CRAP RIASE THE CAP!

[redstatebluegirl]

2. Just another reason for them to cut SS and Medicare.

He will bankrupt it like his businesses and he won't care because he won't be around afterwards and he doesn't need those programs.

[Wounded Bear]

3. Meh, there is still a surplus in SS funds...

it is good through 2030 or longer IIRC. Obama did this for a while. Not the same reason, but it did help after the 2008 recession.

Won't help me, of course, but Dems are looking at other things, too. A payroll tax cut won't help those who inevitably get laid off because of the pullback.

[davekriss]

4. Yup

Yes to every question. We are not stupid, just accurate.

[cbdo2007]

5. The payroll tax cut isn't to address the Coronavirus outbreak...it is to address

the stock market tanking.

But I digress...the real reason this WON'T work is because the stock market tanking is an effect of the Coronavirus outbreak, which they still aren't handling correctly so until they actually have a good testing and containment strategy, anything they try to do won't work. Also, the retail, travel, hospitality industries are going to see a huge decrease in revenues...let's say 15% or more on average, so them cutting payroll taxes isn't going to cause a dent in the amount of losses we will see from people not purchasing as much.

[bigbrother05]

6. Coupled with telling voters how he cut their taxes going into the election

He tried to float this in 2018 ahead of the midterms, but couldn't get it through Congress. Now he thinks the emergency will let him shame the Dems and pick up brownie points in the process.

Can bet that there will be hidden cuts for big business and investors in the package.

[marble falls]

7. Trust me. You aren't the stupid one.

[Goodheart]

8. It's a bribe.

Hey, you might get sick, but overlook my incompetence because you're getting 20 bucks more in your paycheck!

Tax cut, tax cut, tax cut.... the Republican answer to everything. No wonder our deficit has exploded.

[beachbumbob]

9. this was going to be rolled in late spring/early summer but the virus came along

and markets are crashing.

Its all a bribe attempt for sure and democrats need to double down on this and add way more to it so GOP/Trump would have to deny it

[Wellstone ruled]

10. Watch for the Larry Summers Plan

or part two to be rolled out shortly. We are talking some 2 trillion in bailouts to the Hospitality Industry as well as the Banks and others with Loans @2 basis points or even free money.

Summers admitted this morning this plan may be in the works.

The Orange Anus and his pals on the Stripe are about to get their Mega Payoff.

[beachbumbob]

11. lol, democrats won;t let this thru without increasing the taxes on the upper1%

its an argument they can win

[Wellstone ruled]

13. Appears there is a PR program

that has been field tested and ready to roll. My guess is we will see it Thursday when the Orange Anus shows up at Adelsen Castle on the Strip.

[ooky]

12. Yes, but it's likely just more Trump bluster.

And even if the Republicans were to try, Pelosi isn't going to go along with a Republican attack on social security.

[onenote]

14. If its done like the Obama payroll tax cut it won't impact Soc. Sec.

but it will add to the deficit.

When Obama pushed for a payroll tax cut as a stimulus measure, it was set up in such a way to ensure that the money not collected for Social Security and Medicare was replaced by money from general revenues. So the Social Security side stayed intact, but the overall deficit increased.