August 13, 2020

Trump's Payroll Tax Reduction Plan

This from David C. Moyer:

All of you folks with TDS are objecting to Trump proposing something that should have been on your agenda forever. Maybe it is because it will remove one of your talking points when you want to object to a tax rate cut (not the same as a tax cut, BTW). Whenever a tax rate cut is proposed the libs trot out the idea that low income workers pay a higher tax rate than billionaires. That is because every worker pays the 6.2% SS tax and the 1.4% Medicare tax and their employer pays an equal amount. Billionaires earn most of their income from investments that are usually taxed at capital gains rates. So, the Payroll taxes are highly regressive. Trump is proposing something that hasn’t been fleshed out AFAIK but it should be the progressives’ favorite proposal. If the payroll tax is eliminated the average worker will benefit the most and billionaires won’t even know that anything happened.
Rather than celebrating this progressive move, TDS sufferers claim that this is an attempt to eliminate SS. Seriously??? There is no way in hell that SS will be eliminated. Do you realize how many SS recipients are among the heavily armed citizens that vote in every election?? For a while payroll tax collections have been lagging SS payouts and it will be getting worse. So, SS must cash in the federal government debts that comprise the SS Trust Fund. That means, more and more of SS has been coming out of regular income tax funds- a very progressive tax. The rich pay more of this. Trump’s proposal just accelerates this trend. Many progressives think that workers shouldn’t have to pay payroll taxes and that the "rich” should be funding SS and all other government programs. But because Trump proposed it, it is anathema. TDS. He is NOT a CONSERVATIVE. That might hurt him among those of us who ARE conservatives, but the TDS folks should be praising his proposal.

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