Payroll tax cut??

Amid the breakdown of the US economy resulting from the Covid-19 restrictions, the impeached President Trump is proposing a payroll tax cut.  He says in meeting with the CEO's of major banks, that they also favor such a payroll tax cut.

A lot of people are being laid off as a result of this recession.  So--the obvious question--don't you have to have a payroll in order to have a payroll tax cut take effect?  How does a payroll tax cut help the unemployed and laid-off due to the Corona-19 lock-down?  After all, these are the most downtrodden and poor affected, about whom impeached President Trump and most Republicans seem to care not a wit.

More victims tossed into the abyss of nothingness?

It would be much more effective if they gave some additional welfare handouts to the poor, the pensioners and the unemployed over the next few months  --  where those low income groups will be much more likely to spend the extra straight off, rather than saving it..

And give extra tax rebates to average wage earners (rather than long term tax cuts that disproportionately favour high earners..).

After all,  the aim should be to stimulate the economy --  whereas the Trump admin's misbegotten policy will see CEO's spending up on new cars and racehorses,  while the poor stay poor..

The American guvm'nt needs to wise up, and spend more on the "demand" side of the equation.

The payroll tax is the biggest fiscal burden facing most Americans across the country. Nearly 70 percent of taxpayers pay more in payroll taxes than in federal income taxes. At more than 7.6 percent of every paycheck, this tax is almost twice as large as the amount that ordinary employees pay in income taxes. It has nearly quadrupled in size since 1955. By cutting the payroll tax, take home incomes rise along with consumption. According to Mark Zandi, chief economist at Moodys Analytics, gross domestic product increases by 80 cents for each dollar cut in payroll taxes. This is among the fastest and most direct methods to address the downturn.

https://thehill.com/opinion/finance/487256-white-house-payroll-tax-cut-would-counteract-coronavirus-downturn

While each extra stimulus payment for welfare recipients would equate to a near 100% return on each $dollar$ spent...

Still, we all know that Maddog and his "libertarian" ilk are totally opposed to any and all social welfare assistance..

"Let the bastards starve ! " should be the Libertarian motto.

Today, in negotiations, the White House insisted that that sick leave compensation provision be dropped from the Covid-19 relief bill.  Thus if, for any reason related to the virus, a person has to stay at home due to Covid-19, s/he will be penalized.  The White House wants to encourage people to go to work even though they are infected with the virus.  Go to work sick, says the White House, no matter how you spread the disease, so that the stock market will not fall.

As I have always said, Democrats stand for the common interest, but Republicans stand for special interests.  Here are Republicans, willing to sacrifice the health and lives of the common people, so that the wheels of industry can keep on turning, thus bolstering the stock market.

What would be a more stark example of what conservatives are willing to do, to help themselves to the money pot.  They are willing to kill people in order to make money.

Maddog wrote:The payroll tax is the biggest fiscal burden facing most Americans across the country. Nearly 70 percent of taxpayers pay more in payroll taxes than in federal income taxes. At more than 7.6 percent of every paycheck, this tax is almost twice as large as the amount that ordinary employees pay in income taxes. It has nearly quadrupled in size since 1955. By cutting the payroll tax, take home incomes rise along with consumption. According to Mark Zandi, chief economist at Moodys Analytics, gross domestic product increases by 80 cents for each dollar cut in payroll taxes. This is among the fastest and most direct methods to address the downturn.

https://thehill.com/opinion/finance/487256-white-house-payroll-tax-cut-would-counteract-coronavirus-downturn

Um...did IQ's just lower in the room? How do you enjoy a cut in payroll tax, when you have no pay in the first place?

This is Republican logic, folks. Fuck the little guy...save the guys with money.

The Democrat congress presented Trump with a proposed expanded stimulus package yesterday...

Let's see if Trumps political advisors have the intelligence to realise that any reelection chances hinge on how the Repug's handle these threats --  they can work with the Democrats to fight the virus, and moderate the looming recession....

Or whether their blind arrogance and hubris allows their corporate backers to wreck their country.

'Wolfie wrote:

The Democrat congress presented Trump with a proposed expanded stimulus package yesterday...

Let's see if Trumps political advisors have the intelligence to realise that any reelection chances hinge on how the Repug's handle these threats --  they can work with the Democrats to fight the virus, and moderate the looming recession....

Or whether their blind arrogance and hubris allows their corporate backers to wreck their country.

Republicans have already burned their chances.  Even if America is able to dodge the bullet, or the steep curve, the public will be aware of who stepped up.  While Trump was criticizing the deep state, the deep state was busy cleaning up his mess.  In the wake of complete fecklessness from the White House, the governors of Washington state, New York state and the State of California are standing in for the whole country.

These are the states with major technology and bio-science companies, and they are going about manufacturing test kits, respirators, protective equipment, and whatever else is necessary to save the nation in the absence of any sign of life out of Washington.

It proves that America still has mensch and leadership, just not with the fat fuck in the White House.