Trump confirms he's considering a payroll tax cut amid mounting economic concerns

[TexasTowelie]

Source: Washington Post

President Trump on Tuesday confirmed that he is considering whether to push for a temporary payroll tax cut amid mounting concerns about an economic slowdown, rebutting numerous White House officials who had insisted that such an idea was not under review.

Trump’s remarks came one day after The Washington Post reported that several senior White House officials had begun discussing such a move.

“Payroll tax is something that we think about, and a lot of people would like to see that, and that very much affects the workers of our country,” Trump said Tuesday during an exchange with reporters at the White House.

The White House had previously disputed that a payroll tax was under consideration. But Trump said it is something he has considered, as well as other ideas, such as broadening capital gains tax benefits for many investors.

Read more: https://www.washingtonpost.com/politics/trump-confirms-hes-considering-a-payroll-tax-cut-amid-mounting-economic-concerns/2019/08/20/2c97e500-c37a-11e9-9986-1fb3e4397be4_story.html

[klook]

1. SOCIAL SECURITY PREMIUMS!!

THAT'S what they want to cut. Only at the end of this article do we see that clarified. This dovetails nicely with the Republican wet dream of bankrupting Social Security.

Bastards!

(Yes, I remember when the Obama administration instituted a temporary "payroll tax cut," but that was a desperation move when the economy was trying to crawl out of the Bush II recession.)

[progree]

5. Also, under Obama, the cut to S.S. revenue was made up from general fund revenues and so the

solvency of S.S. was not at all affected.

The only problem with something like that is one can never claim that S.S. is entirely funded with dedicated payroll taxes (and income taxes many/most people pay on their S.S. benefits), given that a bit of it was funded from general revenues for these 2 years. But it's a minor quibble in my mind.

But if we keep doing that kind of thing going forward (paying some S.S. benefits from general revenues above and beyond what the general fund pays to S.S. to redeem the S.S. trust fund bonds), then it would be incorrect and dishonest to claim that S.S. is ALL funded from dedicated payroll taxes and that S.S. doesn't affect the national deficit or the national debt.

[broiles]

2. Is this a backdoor way to attack Medicare and social security?

The payroll tax funds both.

[DrToast]

4. No. It's called a Payroll tax cut...but it's not really.

The Payroll tax determines how much money people get back. But the funds are reimbursed by the US general fund. The Medicare are SS funds are not financially hurt because of this.

Obviously the devils are in the details, but if it’s the same methodology as when Obama did it (and that’s the only way we should even consider it), it does not harm the SS/Medicare fund.

[demigoddess]

8. It is a way of proving that Social Security doesn't pay for itself, that it

takes money out of other taxes, that it is the socialism that all those republicans are so afraid of. That is what they want to do, attack social security and medicare.

[bucolic_frolic]

3. All discretionary spending increases are donated directly to Democratic candidates

but Trump can't figure that one out

[duforsure]

6. That could cause the trump recession

To maybe go into a trump depression. He thinks driving the deficits up trillions more is making the economy better, but he's claimed bankruptcy how many times, and he wants people to believe him now? Is he intentionally driving this country and our economy in a spiral downward for Putin? It's looking like it more each day.

[noneof_theabove]

7. Real Tax Cut - FIETS

Here is a real get it done this week tax cut [ except for rich douche bags ].
FIETS - Financial Ingress Egress Tax System
you can down load a pdf from here wap3.com/fiets.pdf

Ingress money into your account immediately taxed 1%
Egress money going out of you account immediately taxed 1%

NO IRS, HR BLOCK, 80000 pages of tax law, THIS IS A MODERN SYSTEM.

NO EXEMPTIONS -- EVERYONE PAYS THE SAME -- Facebook, Trump, Bill Gates......get the picture

You employer will pay 1%, they pay not take it from you, WAY LESS THAN THEY PAY NOW.
Your account will be dinged 1% when deposited, $1000 pay is no $990 usable money.

If you "save" your money, there is no tax until it is moved out.

So you make $50,000 a year
In 2013 [what I have handy]:
Single = $8,435
Married = $6,611

FIETS = $1,000 [if you spent everything - otherwise a bit less]

So a family gets and immediate [no payroll withholding] $6,611 - $1,000 = $5,611 yr OR $467.58

That is a REAL TAX CUT

Here is the income to the government
$26 Trillion [$26,000,000,000,000]

So
Education payed for
Vets taken care of
Elder taken care of
Social Security SAFE !
Infrastructure [killer bridges] get fixed
Military funded [except for stupid parades for politicians]
.....get the picture

More in the document, but if you get please send it to your congress critters with a nice letter

Disclaimer: I hold a copyright on this concept, and want nothing more that to see it work before my liver cancer takes me out.

[VarryOn]

9. Since there are signs the economy is softening some...

something needs to happen. "Do something" applies here, too.

I don't know if a payroll tax cut would work or not, but it seems it couldn't hurt if it were temporary. But, this late in the year wouldn't generate anything from a lot taxpayers. Many have hit the limit whereby they arent having SS deducted until the new year.

[ck4829]

10. Kick