The proposal sounds like a sensible move on paper. are used to finance Social Security, with employees and employers each paying 6.2% on their wages scaling up to $137,700. Then an additional 1.45% from the employee's gross pay is used to fund Medicare.
"Not only would this alleviate the employers' burden of paying back deferred taxes over the next two years, but it would also give employees a de facto wage hike, putting more money into Americans' pockets," Cruz said. But many experts say the tax cut would do little for people who are already unemployed. Over 40 million Americans have filed for unemployment in the last three months as the pandemic slammed the economy.
Eliminating employer taxes would be "ineffective" to bolster business hiring and investment, they added. The authors noted ongoing social distancing measures and a rise in unemployment, leading to reduced demand for services and products. Firms are unlikely go on a hiring spree or expand their operations amid uncertain economic conditions.
Would this reduce the business’ payroll liability as well as the employee?
Why don’t you say it The republicans want to starve SS & Medicare
Them darned Do Nothing Republicans. Oh wait, that is what they call us Democrats. 😐
It would b better than u bums trying to tax us more out of existence. Clowns. NoPayrollTax
commentiquette 😩
A payroll tax cut does ABSOLUTELY NOTHING for small business! They are so out of touch!
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