healthmyths
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Senate Democrats pan Trump's payroll tax proposal as 'huge mistake'
Senate Democrats say President Trumpās plan to dramatically cut payroll taxes as a response to the coronavirus outbreak's hit to the economy is a āhuge mistakeā that will take a āwrecking ballā to Social Security.
They are vowing to oppose it even though many of them supported President Obamaās decision to cut payroll taxes in 2011 ahead of his 2012 reelection.
So what would happen if there was a payroll tax cut? The following example is not specific and is not as of 2020... but it does give an idea.
There are 158,000,000 people employed in America
Average pay per year per employee $47,216
Payroll tax paid by employee per employee at 6.2% is about $2,927.39 per person or for all people --- $462,527,936,000
Payroll tax paid by employer per employee at 6.2% or about $2,927.39 per person or for all people --- $462,527,936,000
Total payroll tax NOT paid into $925,055,872,000.
So what kind of economic GDP boost would this nearly $1 trillion mean to the economy?
The December 22 marks 2 years since President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA). TCJAās pro-growth reforms of individual and corporate taxes were the largest tax cut in United States history. Additionally, since TCJAās passage, United States multinational enterprises have
repatriated $1 trillion in past overseas earnings that were previously invested abroad.
So what would this $1 trillion do for the US economy? For local/state tax revenues? Property taxes?
Senate Democrats say President Trumpās plan to dramatically cut payroll taxes as a response to the coronavirus outbreak's hit to the economy is a āhuge mistakeā that will take a āwrecking ballā to Social Security.
They are vowing to oppose it even though many of them supported President Obamaās decision to cut payroll taxes in 2011 ahead of his 2012 reelection.
Senate Democrats pan Trumpās payroll tax proposal as āhuge mistakeā
Senate Democrats say President Trumpās plan to dramatically cut payroll taxes as a response to the coronavirus outbreakās hit to the economy is a āhuge mistakeā that will take a āwrecking balā¦
thehill.com
So what would happen if there was a payroll tax cut? The following example is not specific and is not as of 2020... but it does give an idea.
There are 158,000,000 people employed in America
U.S. total employment and unemployment rate 1980-2029 | Statista
In 2023, it was estimated that over 161 million Americans were in some form of employment, while 3.64 percent of the total workforce was unemployed.
www.statista.com
Payroll tax paid by employee per employee at 6.2% is about $2,927.39 per person or for all people --- $462,527,936,000
Payroll tax paid by employer per employee at 6.2% or about $2,927.39 per person or for all people --- $462,527,936,000
Total payroll tax NOT paid into $925,055,872,000.
So what kind of economic GDP boost would this nearly $1 trillion mean to the economy?
The December 22 marks 2 years since President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA). TCJAās pro-growth reforms of individual and corporate taxes were the largest tax cut in United States history. Additionally, since TCJAās passage, United States multinational enterprises have
repatriated $1 trillion in past overseas earnings that were previously invested abroad.
Two Years On, Tax Cuts Continue Boosting the United States Economy | The White House
December 22 marks 2 years since President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA). TCJAās pro-growth reforms of individual and corporate ta
www.whitehouse.gov
So what would this $1 trillion do for the US economy? For local/state tax revenues? Property taxes?