Trump mulls permanent 0% payroll tax rate

[Swordsmyth]

President Trump, to offset economic fallout from the fast-spreading coronavirus, has proposed slashing the payroll tax rate for employees and employers to 0 percent -- a change that he wants to make permanent, White House sources told Fox News.
Trump pitched temporarily eliminating the payroll tax rate during a lunch with Senate Republicans on Tuesday to insulate the economy from the coronavirus, which causes a disease called COVID-19. The virus has caused volatility in the stock markets and forced the Federal Reserve to make an emergency rate cut, the first time the U.S. central bank has done so since the financial crisis.
There has been consideration of eliminating it for three months, through the fall, through the calendar year or permanently, sources said.
Currently, all employees and employers pay a 6.2 percent payroll tax on wages capped out at $137,700. Right now, an employee earning $50,000 per year would pay $3,100 in payroll taxes. That money goes toward specific programs like Social Security, health care, unemployment compensation and workers’ compensation. Workers also pay a Medicare tax of 1.45 percent.


Workers who earn more than $200,000 individually, or $250,000 if they are married and filing jointly, pay an additional 0.9 percent Medicare tax.
Individuals who work for themselves pay 12.4 percent toward Social Security and 2.9 percent for Medicare.

More at: https://finance.yahoo.com/news/trump...163800540.html

[oyarde]

Do it !!!!!!!

[phill4paul]

Do it !!!!!!!

Sounds good to me.

[otherone]

Do it !!!!!!!

I'm self-employed. If he does this, I'll vote for him.

[specsaregood]

I'm self-employed. If he does this, I'll vote for him.

His previous tax cut already had a HUGE benefit for the self-employed, should be reason enough. just saying...

[Pauls' Revere]

AWESOME! Next eliminate the Income Tax!

[Anti Globalist]

Sounds like a pretty great idea.

[jkr]

hey!

are we about to fkn WIN?

[acptulsa]

[enhanced_deficit]

Have to say, he's one of the best 'Mullers' in entire history.

Small gov purists may frown upon idea of free money for hourly workers relief and Cruise industry/Wall Street banks bailouts though.

Trump Is a No-Show After Promising Briefing on Economic Plan

By Justin Sink and Ryan Beene
March 10, 2020
President Donald Trump didn’t appear at a White House briefing on the coronavirus outbreak on Tuesday, after promising a day earlier he’d hold a news conference to announce a “major” economic stimulus package.
After deciding to pursue an economic stimulus plan following the steepest drop by the benchmark S&P 500 index since 2011, Trump told reporters at a briefing on Monday: “I will be here tomorrow afternoon to let you know about some of the economic steps we’re taking, which will be major,” he said.

White House plan for economic response to coronavirus is ‘not there right now,’ officials say
Published Tue, Mar 10 2020
Key Points

• The White House is far from ready to roll out specific economic proposals in its response to the widening impact of the coronavirus outbreak, administration officials said.
• The revelation comes as U.S. stock futures pointed toward a rebound following President Trump’s suggestion that a payroll tax cut and other stimulus measures may be in the works.
• However, inside the administration, some officials were stunned by Trump’s claim that he would hold a press conference Tuesday to announce an economic plan as the actual details remain up in the air.

That is is why it's puzzling why fakenews NYT published reports like this today just cuz markets down couple of thousand pointas after MAGA speech yesterday.



Trump’s Re-election Chances Suddenly Look Shakier
Weeks ago, his advisers were counting on a strong economy and a Democratic opponent easily portrayed as too far left. But the political landscape has sharply ...
The New York Times
1 hour ago



Unfortunately Dems probably won't cooperate for any major MAGA pie-in-the-sky mulling $Trillion stimulus plans looking at how speaker Pelosi ripped his SOTU speech and Biden's very anti-MAGA attitude of late.

Since he frequently contradicts himself his statements can't be trusted at all, you have to watch his actions to even guess about his positions or plans.

Ok.

[dannno]

Top stories






Trump’s Payroll Tax Cut Would Dwarf the 2008 Bank Bailout

The New York Times·6 hours ago









Payroll tax holiday is the wrong economic response to coronavirus

Los Angeles Times·5 hours ago

Because payroll taxes are paid only on income up to the wage base limit, a payroll tax cut also disproportionally benefits low and middle income workers who are taxed on their entire salaries instead of only on part of their income.

https://finance.yahoo.com/news/payro...115132927.html

[eleganz]

Have to say, he's one of the best 'Mullers' in entire history.

Small gov purists may frown upon idea of free money for hourly workers relief and Cruise industry/Wall Street banks bailouts though.

Trump Is a No-Show After Promising Briefing on Economic Plan

By Justin Sink and Ryan Beene
March 10, 2020
President Donald Trump didn’t appear at a White House briefing on the coronavirus outbreak on Tuesday, after promising a day earlier he’d hold a news conference to announce a “major” economic stimulus package.
After deciding to pursue an economic stimulus plan following the steepest drop by the benchmark S&P 500 index since 2011, Trump told reporters at a briefing on Monday: “I will be here tomorrow afternoon to let you know about some of the economic steps we’re taking, which will be major,” he said.

White House plan for economic response to coronavirus is ‘not there right now,’ officials say
Published Tue, Mar 10 2020
Key Points

• The White House is far from ready to roll out specific economic proposals in its response to the widening impact of the coronavirus outbreak, administration officials said.
• The revelation comes as U.S. stock futures pointed toward a rebound following President Trump’s suggestion that a payroll tax cut and other stimulus measures may be in the works.
• However, inside the administration, some officials were stunned by Trump’s claim that he would hold a press conference Tuesday to announce an economic plan as the actual details remain up in the air.

That is is why it's puzzling why fakenews NYT published reports like this today just cuz markets down couple of thousand pointas after MAGA speech yesterday.



Trump’s Re-election Chances Suddenly Look Shakier
Weeks ago, his advisers were counting on a strong economy and a Democratic opponent easily portrayed as too far left. But the political landscape has sharply ...
The New York Times
1 hour ago



Unfortunately Dems probably won't cooperate for any major MAGA pie-in-the-sky mulling $Trillion stimulus plans looking at how speaker Pelosi ripped his SOTU speech and Biden's very anti-MAGA attitude of late.





Ok.

Back to your old ways I see.

Troll on.

[CCTelander]

Psych!

[oyarde]

I'm self-employed. If he does this, I'll vote for him.

I am voting for me but if I was not voting for me I would vote for him for pulling troops out of Afghanistan , tax and regulation cuts and this .