The Trump administration is pushing for payroll tax cuts in a coronavirus relief package. Here's what a payroll tax cut is, and how it could impact you.
A payroll tax cut could free up more cash for employees and employers. If Social Security and Medicare taxes aren't taken out of paychecks, workers and businesses would take home a little more money with each paycheck.
The idea is that workers benefiting from the cut would spend more money, which could help curb a recession. It could give employers more money, which could reduce the need to lay off employees. A payroll tax cut, if enacted for both employees and employers, could give workers more money to spend and businesses more cash as they face a decline in consumer spending through the crisis.
The tax cut would disproportionately give more money to people with higher incomes, who typically have more savings to fall back on during a crisis like the coronavirus pandemic. A payroll tax cut would also do nothing to help those who lost their jobs because of the crisis, especially lower-income people in industries like tourism, hospitality, and dining that have been especially hit hard by the pandemic and decline in demand from consumers. that a tax cut would essentially be a "slow drip," rather than an immediate boost that could help curb a recession.
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