President Trump said “a lot of people” would like a cut in payroll taxes, but the White House isn’t likely to immediately do that — in part because voters might not notice it.
President Trump said “a lot of people” would like a cut in payroll taxes, but the White House isn’t likely to immediately reduce that levy — in part because voters might not even notice it.
“We’re looking at various tax reductions” but the White House does that “all the time,” he said. “I’m not talking about doing anything at this moment.”While trimming less from paychecks could help increase consumer spending to head off a potential economic slowdown, it would be one of the least visible boosts to workers’ paychecks.
Payroll taxes — a 7.65% levy automatically taken from paychecks to fund Social Security and Medicare — are a hidden tax for many people. While taxpayers are likely to spend a modest increase in their take-home pay, they probably won’t recognize that it’s from a federal tax change.President Obama didn’t get credit for several tax cuts — including a temporary reduction in the payroll tax — implemented at the start of his administration as a counterweight to the recession in 2008.
By contrast, Obama’s predecessor, George W. Bush, when faced with a slowdown, opted for rebate checks. Still, that wasn’t enough to overcome the financial crisis. This isn’t the first time the White House has floated a tax cut when facing political headwinds. Last fall, ahead of the midterms where Republicans ultimately lost their majority in the House, Trump suggested he would cut taxes for middle-earners by 10%. The tax cut announcement came as a surprise to administration officials and Trump’s allies in Congress. That plan was never released.
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