Trump Proposes 0% Payroll Tax For A WHOLE YEAR
As Democrats label President Donald Trump “incompetent” over his handling of the coronavirus outbreak, he is taking radical steps to give businesses and American workers the security they need. To ensure businesses can continue operating even if large numbers of workers need to self-isolate, the president has proposed completely eliminating federal payroll taxes for the rest of 2020.
CNBC reported on Tuesday that President Trump’s proposals would include removing employee and employer payroll taxes on Medicare and Social Security. The news outlet even said that there were “discussions of making the payroll tax rollback permanent.”
Ron Paul will be celebrating!
As it stands, the Social Security payroll takes stays at 12.4% for the first $137,700 of an employee’s income. The tax is split between employers and employees, but self-employed workers are required to pay the entirety of the tax on their own. For the Medicare payroll tax, employers and employees split a tax of 2.9% on all earnings. There is no cap.
The latest proposal from the president comes as his administration works to minimize the impact that the coronavirus has on the American economy. The Dow Jones Industrial Average took a beating Monday (for the first time under President Trump’s administration!) as a result of coronavirus fears. It began climbing again soon after, but the fear remains and the president hopes those fears can be mitigated by giving businesses and employees a much-needed tax break.
CNBC also reported that the president “stunned” some officials in the White House on Monday when he announced that he would put forward new economic policy proposals in a Tuesday news conference.
That’s the president we know – decisive and willing to do right by the American people even if it means going against the mainstream political process.
On Tuesday afternoon, the president met with Senate Republicans, but an agreement was not reached. However, Trump still told the press to “be calm.”
“It’s really working out…a lot of good things are going to happen,” he said.
The president also recently signed an $8.3 billion spending bill into law, giving researchers and medical professionals the resources they need to find this virus.
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