Author Topic: Trump Says He’s Considering Payroll Tax Cut, Contradicting White House Denial  (Read 476 times)

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Offline edpc

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President Trump told reporters in the Oval Office Tuesday that he's been "thinking about" whether to pursue a payroll tax cut, despite the White House formally denying a Washington Post report that cutting payroll taxes is under consideration.

The big picture: Discussions over cutting the payroll tax, which currently sits at 6.2% and is used to fund Social Security and Medicare, are part of a broader White House effort to stem fears of a coming recession — though Trump insisted to reporters that "whether or not we do it now, it's not being done because of recession." Sources tell Axios' Jonathan Swan that Trump is "running out of tools" to juice the economy, with an economic slowdown looking increasingly likely ahead of the 2020 election.

https://www.axios.com/trump-payroll-tax-cut-a835ae74-af74-4de5-816e-9dc68f27717e.html
« Last Edit: August 20, 2019, 07:32:50 pm by edpc »
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Offline edpc

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Yesterday......


The White House is denying that it's considering a temporary payroll tax cut to help boost the economy after The Washington Post reported that several senior administration officials have been discussing the idea.

A White House official said in a statement that "cutting payroll taxes is not something under consideration at this time."


https://thehill.com/policy/finance/458002-white-house-exploring-payroll-tax-cut-to-offset-worsening-economy-report
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Offline cato potatoe

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The deficit is tremendous.  We can't afford it, and it sounds like something Obama would propose.

Offline libertybele

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Cuts to Medicare and Social Security taxes; the two programs that are in trouble?  Seriously?  This may put an extra $5.00 or $10.00 a pay back into the worker's pockets? 
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline skeeter

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Yesterday......


The White House is denying that it's considering a temporary payroll tax cut to help boost the economy after The Washington Post reported that several senior administration officials have been discussing the idea.

A White House official said in a statement that "cutting payroll taxes is not something under consideration at this time."


https://thehill.com/policy/finance/458002-white-house-exploring-payroll-tax-cut-to-offset-worsening-economy-report

This story is confusing. The White House spokesperson clearly said tax cuts are being considered, just not payroll tax cuts. Trump comments I've seen have quotes around "thinking about", then payroll tax cuts inserted afterwards. Then the whole thing presented as a contradiction. I can't find complete quotes.

Maybe you can provide those.

Offline edpc

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The remarks from The Oval Office.


Error 404 (Not Found)!!1
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Offline skeeter

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The remarks from The Oval Office.


Error 404 (Not Found)!!1

Thanks - he clearly did mention payroll taxes.

That leaves the unnamed 'white house official' who yesterday denied it, which of course gives the media another opportunity to report on the minutiae and ignore the important aspects of the story.


Offline Chosen Daughter

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Fake News and confusion coming from the Administration.  Trump considers payroll tax.  What an A hole.  Don't we pay enough to care for all the new illegals coming since he took office.  Many of them coming just to get free hospital care.  Free births, free surgeries.  Free long term medical care on the United States taxpayer.

Meanwhile Trump gets in tiff over Greenland.

Read my lips no new taxes.  Trump is failure.
AG William Barr: "I'm recused from that matter because one of the law firms that represented Epstein long ago was a firm that I subsequently joined for a period of time."

Alexander Acosta Labor Secretary resigned under pressure concerning his "sweetheart deal" with Jeffrey Epstein.  He was under consideration for AG after Sessions was removed, but was forced to resign instead.

Offline edpc

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@Chosen Daughter

Read my lips no new taxes.


You might have misunderstood – he wants to cut the payroll tax. The problem is, that funds Social Security. Obama did this, temporarily, in 2011. Between having the Fed cut interest rates and reducing payroll taxes, it seems odd Trump would want to emulate economic practices he had previously criticized.

Plus, it looks like you have some competition, in the ‘chosen’ department.


Trump: ‘I am the chosen one’
https://theweek.com/speedreads/860276/trump-chosen
« Last Edit: August 21, 2019, 06:24:39 pm by edpc »
I disagree.  Circle gets the square.

Offline berdie

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@Chosen Daughter


You might have misunderstood – he wants to cut the payroll tax. The problem is, that funds Social Security. Obama did this, temporarily, in 2011. Between having the Fed cut interest rates and reducing payroll taxes, it seems odd Trump would want to emulate economic practices he had previously criticized.

Plus, it looks like you have some competition, in the ‘chosen’ department.


Trump: ‘I am the chosen one’
https://theweek.com/speedreads/860276/trump-chosen


I guess my memory is getting weak. I don't doubt that Obama did this, mind you, but I sure don't remember a windfall that resulted from that action. :pondering:

Offline Night Hides Not

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President Trump told reporters in the Oval Office Tuesday that he's been "thinking about" whether to pursue a payroll tax cut, despite the White House formally denying a Washington Post report that cutting payroll taxes is under consideration.

The big picture: Discussions over cutting the payroll tax, which currently sits at 6.2% and is used to fund Social Security and Medicare, are part of a broader White House effort to stem fears of a coming recession — though Trump insisted to reporters that "whether or not we do it now, it's not being done because of recession." Sources tell Axios' Jonathan Swan that Trump is "running out of tools" to juice the economy, with an economic slowdown looking increasingly likely ahead of the 2020 election.

https://www.axios.com/trump-payroll-tax-cut-a835ae74-af74-4de5-816e-9dc68f27717e.html

Just wanted to point out that federal payroll taxes are 7.65%, paid by both employer and employee. the 6.2% quoted above is strictly for social security. An additional 1.45% is for medicare.

If you're self employed, you get to pay both sides, or 15.3%, based on your net profits up to the earnings limit for SS.

I have little doubt that employers will get any break should the payroll tax be cut.

Other posters raise valid points. I'm leery of cuts here due to the unfunded liabilities in SS and Medicare. Interest rates are still below historical norms, and the economy continues to be juiced by trillion dollar deficits.
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Offline edpc

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I guess my memory is getting weak. I don't doubt that Obama did this, mind you, but I sure don't remember a windfall that resulted from that action. :pondering:



It didn’t, but the debt certainly increased, because of it.
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Offline Fishrrman

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Impossible to get through Congress...

Offline Chosen Daughter

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@Chosen Daughter


You might have misunderstood – he wants to cut the payroll tax. The problem is, that funds Social Security. Obama did this, temporarily, in 2011. Between having the Fed cut interest rates and reducing payroll taxes, it seems odd Trump would want to emulate economic practices he had previously criticized.

Plus, it looks like you have some competition, in the ‘chosen’ department.


Trump: ‘I am the chosen one’
https://theweek.com/speedreads/860276/trump-chosen

Thanks for the correction.   I see that now.  I heard about Trump saying he was the chosen one.  Chosen for what?  I am chosen along with all the other people who have chosen Christ.  I don't know what a chosen one is.
AG William Barr: "I'm recused from that matter because one of the law firms that represented Epstein long ago was a firm that I subsequently joined for a period of time."

Alexander Acosta Labor Secretary resigned under pressure concerning his "sweetheart deal" with Jeffrey Epstein.  He was under consideration for AG after Sessions was removed, but was forced to resign instead.