News and Updates
Casey B. Mulligan and Stephen Moore’s prescription for the next round of coronavirus relief (“A True Economic Stimulus Plan,” op-ed, July 3) may be a salve for employers and high earners, but won’t cure the financial woes that ail unemployed, lower-income and working-class Americans. Fiscal conservatives Moore and Mulligan want Congress to jettison extended unemployment benefits for workers who lost their jobs during the pandemic, and instead eliminate the payroll taxes that fund Social Security. (President Trump has insisted on the same.)
The latest news reports state that Donald Trump and Mike Pence want a complete reduction of the payroll tax to stimulate the economy.
President Trump set off alarm bells for America’s seniors on a Sunday FOX town hall by insisting once again on eliminating Social Security payroll taxes – both employer and worker contributions.
President Trump’s proposed elimination of Social Security and Medicare payroll taxes would benefit higher-earners the most… while interfering with the funding stream for seniors’ earned benefits.