.MaddowBlog: Trump falsely claims payroll tax cut is 'only' way to 'make a big difference'
And yet, there's Trump, not only endorsing the tax cut, but insisting that to"make a big difference," nothing else will do.the other day, under the status quo, 6.2% of American workers' paychecks are deducted to help fund the Social Security system. When there's a payroll tax cut -- as there was during Barack Obama's first term as president -- that number is temporarily reduced as a way to put some extra money in every paycheck.
Trump argued this morning that the cut gets money into people's hands"quickly," and there's some truth to that: if the payroll tax were temporarily scrapped, every American worker's paycheck would have a little more money in it right away., a temporary payroll tax break tends to be small, insufficiently targeted, and largely meaningless to those who've lost their jobs and are no longer receiving paychecks.
What's more, as the Obama administration discovered nearly a decade ago, many Americans don't necessarily notice the small increases in their paychecks, so they don't feel like they have a little extra money in their pockets to spend, which diminishes the larger impact. So why is Trump so adamant about this? Maybe he's confused; maybe he's getting some bad advice; or maybe he remains preoccupied with his political standing and sees this as a possible device for his re-election campaign.this week that the president traveled to Capitol Hill and specifically told Republican senators that"he wants a payroll tax holiday through the November election so that taxes don't go back up before voters decide whether to return him to office.
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