Some analysts suggest a cut can do more harm than good.
he is considering a payroll tax cut that would put money back into everyday Americans’ pockets, but it could impact funding for Medicare and Social Security, increase the deficit and might not even work to stimulate the economy.
Payroll taxes are used by the government to fund programs like Medicare and Social Security, which means that cutting payroll taxes would reduce money going into those funds.in revenue over two years, according to the Committee for a Responsible Federal Budget, a bipartisan policy think tank.According to, however, every $1 a worker gets back in their paycheck translates to 80 additional cents contributed to the country’s gross domestic product .
Despite that figure, analysts also believe low unemployment means any economic stimulus from a payroll tax cut would be nominal, since businesses can’t hire workers fast enough to match consumer spending.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Trump administration considering payroll tax cut as more economists express recession concernDespite President Donald Trump's assurances that the U.S. will not head into a recession, members of his staff have reportedly begun considering ways to combat a slowing economy.
Consulte Mais informação »
Trump says White House looking at payroll tax cut, urges Fed rate cutPresident Donald Trump said Tuesday his administration is looking at tax cuts, including cutting payroll taxes. Trump's comment follows a late-Monday...
Consulte Mais informação »
Trump claims 'people would like to see' a payroll tax cutPresident Trump claimed he is considering a cut to the payroll tax as he praised the state of the U.S. economy adding that he thinks 'the word recession is inappropriate.'
Consulte Mais informação »
Trump, contradicting aides, says he's 'thinking about' payroll tax cutTrump undercut his aides today by saying he’s “thinking about” the possibility of a payroll tax cut
Consulte Mais informação »
Trump confirms he's considered payroll tax cut but denies any link to recession fearsTrump confirms he's considered payroll tax cut but denies any link to recession fears originally appeared on abcnews.go.comEven as President Donald Trump insists the U.S. economy is “the best in the world,”, the president sent mixed messages on Tuesday about whether he was considering a payroll
Consulte Mais informação »
Trump Flip-Flops On Possible Payroll Tax Cut, But Says U.S. ‘Far’ From RecessionAs recession fears linger, the president reverses his position.
Consulte Mais informação »